Author: BlockWeeks

Traditionally, the treasury department of a publicly listed company is the most conservative and stable corner of the enterprise. Its duty is to manage cash flow, control risks, and ensure liquidity, much like guarding the company's safe. However, since 2020, a group of publicly listed companies, led by software company MicroStrategy, has resolutely pushed this safe onto the poker table of cryptocurrency, filled with immense volatility and opportunities.

This wave has not swept the entire market, but its influence is extremely profound.

From Safe to Poker Table

The corporate Bitcoin treasury represented by MicroStrategy is massively accumulating Bitcoin through methods such as issuing bonds and leveraging purchases—its holdings have surged to hundreds of thousands of Bitcoins, making it one of the most influential Bitcoin treasuries in the market today.

At the same time, the number of Ethereum "ETH treasuries" is rapidly increasing: the latest on-chain statistics show that about 69 entities collectively hold approximately 4.1 million ETH, accounting for about 3.39% of the circulating supply, which has had a substantial impact on the circulating supply and market structure of ETH.

Companies focused on single-chain treasury setups are also accelerating their establishment—ranging from seeking funding to establish publicly listed treasuries centered around SOL (such as the large-scale plans proposed by Pantera) to plans for billion-level listed treasuries based on BNB. Capital is treating "chain-directed treasuries" as a new tool for allocation and ecological construction. Moreover, practical cases show that dedicated Solana treasuries have directly purchased hundreds of thousands of SOL in the open market, indicating that this is not mere conceptual speculation but an ongoing capital allocation behavior.

The series of actions taken by publicly listed companies to shape themselves into "holding treasuries" has far exceeded the traditional notion of "diversified allocation." When the market value of a tech or payment company is highly correlated with the price of its held crypto assets, we must pose a fundamental question: Is it still an operating enterprise that creates value through its main business, or has it evolved into an investment vehicle centered around speculative tokens?

BlockWeeks believes that **the listing of companies as core treasury assets is not a simple financial management innovation, but a profound and high-risk corporate "identity reshaping." This move transforms the company *from an entity that creates value based on its main business into an investment vehicle that holds speculative assets through leverage*, fundamentally altering the company's risk-return curve, shareholder base, and even its existing business logic.

From Hedging Inflation to Strategic Core

Initially, the narrative of introducing Bitcoin into corporate treasuries was defensive. In the context of global central banks flooding the market with liquidity, cash was seen as a "melting ice cube," while Bitcoin was hailed as "digital gold," an ideal tool for hedging against the devaluation of fiat currency. This logic is simple and persuasive, providing preliminary justification for corporate treasury allocations in Bitcoin.

However, the radicals represented by MicroStrategy quickly pushed this strategy to the extreme. Bitcoin is no longer just "a small part" of treasury assets; it has become "everything" or even "beyond everything." By issuing convertible bonds and secured bonds to borrow dollars and then using all these funds to purchase Bitcoin, MicroStrategy's operational logic has completely reversed: its main business of business intelligence software has, to some extent, "degenerated" into a tool for generating cash flow, with the sole purpose of serving the core strategy of "buying and holding more Bitcoin."

At this point, Bitcoin is no longer a "treasury" but an "engine." The company's fate is no longer determined by the growth curve of software sales but by the price volatility of Bitcoin.

Identity Alienation—Are You Buying a Software Company or a Bitcoin ETF?

The most direct consequence of this strategic shift is the fundamental blurring of corporate identity.

Taking MicroStrategy (MSTR) as an example, its stock price has become astonishingly correlated with Bitcoin prices, even exhibiting a higher Beta coefficient (volatility) than Bitcoin itself during bull markets due to its leverage effect. This has led to a peculiar phenomenon: when investors buy MSTR stock, are they investing in a software company with stable cash flow, or are they seeking a compliant, leveraged Bitcoin investment tool in the U.S. securities market?

The answer is clearly the latter. The company's shareholder base has been completely "replaced," attracting a large number of traditional funds and individual investors who originally wanted to invest in Bitcoin but were constrained by compliance or channels. Meanwhile, those who genuinely care about the prospects of its software business may choose to exit due to the inability to bear such significant asset volatility risks.

This alienation of identity poses a tremendous challenge to the company's valuation. Analysts can no longer simply use traditional metrics like price-to-earnings (P/E) or price-to-sales (P/S) ratios to assess it. The company's value has been simplified to a crude formula: (market value of held Bitcoin - company debt + residual value of software business). In this model, innovation in the main business, growth in market share, and improvement in profit margins all seem trivial, which undoubtedly subverts traditional business logic.

The Double-Edged Sword of Leverage—Amplified Opportunities and the Sword of Damocles

Leveraged holdings of cryptocurrencies are the most thrilling aspect of this gamble, as well as the source of its allure and risk.

• Amplified Opportunities: During bull market cycles in cryptocurrencies, leverage strategies can create astonishing returns. Since the cost of debt is fixed (e.g., annual interest on bonds), while the appreciation of Bitcoin assets is unlimited, the company's net asset value can grow at a rate far exceeding the price increase of Bitcoin. This makes its stock price one of the brightest stars in a bull market, bringing huge returns to shareholders willing to take risks.
• The Sword of Risk: However, in a bear market, this double-edged sword can quickly turn in the opposite direction.
  1. Debt Repayment Pressure: Regardless of how much Bitcoin prices fall, the company must use its operating cash flow or new financing to pay the interest and principal on its bonds. If the cash flow from its main business is insufficient and refinancing is difficult during market downturns, the company will face real default risks.
  2. Balance Sheet Crisis: A sharp drop in Bitcoin prices can severely erode the company's asset value, leading to the possibility of technical bankruptcy (assets less than liabilities). Although accounting standards for cryptocurrencies (treated as indefinite intangible assets) mask some of the volatility on the books, market perception and confidence cannot be concealed.
  3. Negative Spiral: Concerns about its debt repayment ability can depress its stock and bond prices, further increasing its financing costs and creating a vicious cycle. Once the market believes it may be forced to sell Bitcoin to repay debts, this expectation itself can become a force for a sell-off.

An Irreversible Identity Bet

Using cryptocurrency as a core treasury is a one-way street. Once a company, especially one deeply bound like MicroStrategy, embarks on this path, it is almost impossible to turn back. Selling a large amount of cryptocurrency would not only destroy its stock price but also dismantle the entire market narrative and shareholder trust built over the past few years.

Therefore, this is less of a financial revolution and more of an ultimate bet on corporate identity. These companies have tightly bound their fate to a grand but uncertain future (Bitcoin becoming a primary form of global value storage).

For the entire business world, these pioneers are valuable experiments. Their successes and failures will provide profound lessons for future entrants: Should a company's balance sheet become a testing ground for the CEO's grand narrative? Should shareholder interests be realized through prudent operations, or through gambling on high-volatility assets?

Ultimately, the outcome of this experiment will not only depend on the future price of Bitcoin but will also question the boundaries of modern corporate governance and the fundamental meaning of a company's existence. Has it opened a new paradigm for corporate value discovery, or has it merely left a cautionary tale about speculation, leverage, and extraordinary courage in the annals of history? We are still waiting for the answer.

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