Your Company's Balance Sheet is Doomed Without Bitcoin

Core Insights - Public companies are raising debt at rates lower than Bitcoin's long-term appreciation, enhancing BTC-per-share accretion [1] - The mNAV value-creation paradox allows companies to issue shares at a premium, buy more Bitcoin, and increase BTC per share for existing shareholders [2] - The treasury strategy enables companies to leverage capital markets effectively, raising equity at premiums and strategically timing Bitcoin purchases [3] Corporate Treasury Transformation - The corporate treasury function is undergoing significant transformation, with companies now holding over one million BTC worth over $120 billion as of October 2025 [6] - The strategy for corporate treasuries is to maintain consistent revenue and growth while strategically adding Bitcoin reserves [12] - Companies that remain profitable and expand can withstand market volatility, positioning themselves for long-term value [12] Market Dynamics and Sentiment - mNAV is influenced by sentiment and fundamentals, with some early adopters experiencing declines of up to 90% from their highs [9] - Companies trading below NAV face dilutive capital raises that can destroy BTC-per-share, leading to shareholder exodus and further declines [14] - The future of Bitcoin treasuries is seen as essential, with increasing alignment between corporate finance and the Bitcoin network [15] Investment Strategy and Risks - The strategy emphasizes maximizing BTC yield through accretive capital raises and maintaining mNAV above 1.2x [10] - Companies with minimal profitable operations may struggle during downturns, exposing vulnerabilities in their treasury strategies [11] - The consolidation trend is expected to continue as struggling companies become acquisition targets for their discounted Bitcoin holdings [14]