Without Operational Alpha, Bitcoin Treasury Company Premiums Will Collapse
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最新报道：Listed companies are increasingly converting into bitcoin treasury vehicles, raising capital to acquire and hold BTC on their balance sheets. However, most lack a viable business plan beyond accumulating bitcoin, prompting questions about their premium valuations. Analysts cite "bitcoin yield" as a justification, but direct BTC purchases offer better exposure without NAV premiums. Many firms use convertible debt, creating leveraged long positions that favor creditors over shareholders during volatility. Experts argue premiums should require operational strategies like lending, trading, or structured products—not just BTC accumulation. Without scalable revenue models, pure-play treasury firms risk losing premiums or being acquired by operators who can deploy bitcoin effectively. The new benchmark for success is outperforming BTC through active utilization, not passive holding.
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