A Bitcoin Treasury Strategy for the Future

In the past six months, the Bitcoin treasury landscape has undergone significant transformation, with the number of treasury companies more than doubling. This surge includes players such as MetaPlanet in Japan, OranjeBTC in Brazil, and new U.S. entrants like Strive and Tether, as well as Jack Maller's Twenty One. At a recent conference in New York, Strategy founder Michael Saylor emphasized the emerging concept of reinventing the finance system through digital securities and credit on digital capital, following his company's successful $2.5 billion Stretch IPO. This development is part of CoinDesk's Bitcoin Treasuries Theme Week, sponsored by Genius Group. The scale of this shift is substantial, with the potential to expand by orders of magnitude and compete with trillions of dollars in underperforming credit instruments. Bitcoin could become the premier collateral, and digital credit may disrupt traditional finance. However, most activity is currently confined to custodial silos, reintroducing counterparty risks that Bitcoin was designed to eliminate. Until digital capital flows natively through open networks, Bitcoin capital remains locked out of global, open financial markets. The infrastructure race is underway, with traditional finance building on-chain and DeFi scaling. What is missing is a Bitcoin-native path that maintains user sovereignty without compromising on custody or settlement. Treasury companies that support this development early can gain a competitive edge. Despite the industry's momentum, the treasury model faces its first market test, with the flywheel thesis showing signs of exhaustion and premiums significantly compressed. New entrants are facing a maturing market structure, and differentiation has become critical. Simply accumulating Bitcoin will not be enough; the winners will be those who unlock its potential as productive capital. For centuries, the world ran on gold-backed credit, and treasury company advocates believe Bitcoin is the digital successor and the future of credit markets. The strategy involves transforming static Bitcoin holdings into dynamic financial instruments that leverage the asset's volatility. However, traditional equities offer an established path to market, with proven distribution, regulatory clarity, and deep institutional capital. On-chain markets are filling the gap, operating continuously across all time zones without gatekeepers or account minimums. Settlement that takes days in traditional finance happens in seconds, with intermediaries coordinated through programmable code. Yet, Bitcoin capital remains largely sidelined due to technical limitations, with current solutions requiring wrapped tokens and trusted counterparties. The opportunity for treasury companies extends far beyond accumulation, and contributing to the development of Bitcoin-native infrastructure can transform them into financial infrastructure providers. This foundation creates platform economics beyond the asset itself, opening distribution channels, generating fees on transaction flow, and establishing the rails that define how capital moves.