jakiro
Author: Yue Xiaoyu; Source: X, @yuexiaoyu111
There have been rumors in the market recently that MicroStrategy, the largest Bitcoin treasury company, will be kicked out of the global index fund.
This means that $8.8 billion in funds may flee, which will be a huge blow to the price of Bitcoin.
So, what’s the future for Bitcoin treasury companies?Where is the future of the DAT model?
The DAT model is not just as simple as traditional companies borrowing money to buy coins. More importantly, the interests of traditional companies are bound to the ecology of this token.
More than many people realize, there are actually many Bitcoin treasury companies that are already actively promoting the construction of the Bitcoin ecosystem.
Actively building the Bitcoin ecosystem is currently one of the few reliable paths that can reignite the market value premium of DAT companies.
At a time when the market is very poor, this method can even create a sustainable premium than simply hoarding more BTC.
The market has proven this with real money voting.
Here is a table listing the ecological construction progress of some mainstream Bitcoin treasury companies.
1️⃣ Break the dead cycle of pure position holding
For companies that simply hoard coins, as long as BTC does not rise or financing channels are blocked, CPS (bitcoin per share) will never rise again, and the premium will inevitably return to zero.
Being ecological is actually installing a second or even third engine on yourself, which can gain cash flow, technical barriers, and new growth narratives.
2️⃣ Turn dead assets into living income
For example, Hut 8, Core Scientific, and Bitdeer turn their BTC+ computing power into HPC resources that can be rented to large model companies such as OpenAI and xAI, with annualized returns of 8-15% and direct cash flow in US dollars.
The valuation logic given by the market becomes: BTC holdings (1.0x) + value-added income (additional 0.5-1.0x premium).
3️⃣ Seize the new narrative cycle
In fact, new narratives are also emerging in the Bitcoin ecosystem, from the Ordinals protocol at the beginning to Bitcoin Layer2, BTCFi, etc.
As long as the company is willing to invest money, team, and brand, and turn itself into a leading listed company in this new field, retail investors and institutions will be willing to give another 2-3 times premium. MARU and The Blockchain Group are typical examples.
4️⃣ From capital game to open platform
Original logic: premium → additional issuance → buy BTC → push up stock price (closed, reflexive, extremely fragile)
Current logic: BTC holdings + ecological project portfolio + external developers/fund inflow → platform value → sustainable premium
To sum up
Now the market is less and less convinced that simply hoarding coins can maintain a premium.
The only ones that can really rekindle mNAV are companies that turn Bitcoin from dead gold into a living ecosystem.
Whoever turns BTC holdings into profitable assets first will be able to get sustainable premiums again.
At present, I have seen some Bitcoin ecological projects doing this. For example, the Bitcoin second-layer network GOAT Network is taking this path and focusing on becoming a universal revenue layer for Bitcoin.
Looking at it this way, it is also a good idea to do ecological projects for DAT companies.
