Bitcoin Treasury Companies, Whither Thence

Over 160 publicly listed companies have now adopted bitcoin as a core treasury strategy, collectively holding nearly a million BTC, about 4% of circulating supply. What began as a bold experiment by one firm has morphed into a global playbook: raise capital, buy bitcoin, and deliver partial equity exposure to bitcoin through a listed vehicle. These stocks are trading not on earnings or cash flow, but on their ability to deliver bitcoin per share, and most companies have achieved market capitalizations abov ...