There is a version of the Bitcoin treasury conversation that has become almost routine at this point. Bitcoin is hard money. Fiat debases. Companies that hold Bitcoin on their balance sheet are making a rational long-term decision. All of this is true, and none of it is the interesting question anymore.
The interesting question is structural. Not should a company hold Bitcoin, but what kind of com...
This article highlights three distinct models of companies adopting Bitcoin as part of their treasury strategy. By analyzing the unique characteristics and tradeoffs of each model, readers can better understand the strategic choices faced by these organizations. The author emphasizes that the digital credit model is particularly potent but also requires significant scale, institutional credibility, and market infrastructure to realize its full potential.
In contrast, the operating company model ...