New favorite of VCs: Investment in companies that hold Bitcoin and Altcoin Treasures is increasing
The corporate BTC storage model, initiated by Microstrategy (currently called Strategy), is now spreading with the new generation of “crypto treasure companies .. VCs believe that these companies are valued above the spot price and offer asymmetric return to investors. However, the experts warn against the fragile structure of the model: the leverage is a high risk of unpreparation against Premium's sustainability and the new bull-savasy cycle.
📊 Why do VCs flock to crypto treasure companies?
As of 2025, “Publicly Out of Crypto Treasury” has become a trend beyond the spot asset investment. These companies usually take crypto currencies such as Bitcoin, Ethereum and Solana to the balance sheet either completely switched to this model or support traditional business models with crypto treasures.
“The essence of this model is based on having more BTC per share,” - Cosmo Jiang, Pantera Capital
🏛️ Strategy and Metaplanet became pioneer
Strategy (formerly Microstrategy) has been continuing its strategy of Bitcoin balance sheet since 2020.
Metaplanet reached 8,888 BTC in a short time with its Asia -based model.
Thanks to the premium on the balance sheet value, these companies both increase stock prices and receive more BTC by collecting new capital.
📈 Mnav coefficients:
Strategy: 1.69
Metaplanet: 4.24
“The higher the mnav, the easier it is to increase capital,” - Ravi accident, Arrington Capital
🪙 Transition beyond Bitcoin: Altcoin treasures
New initiatives not only add BTC, but also ETH, SOL, XRP.
Sharplink Gaming: Ethereum -oriented
Defi Development Corp: Solana -oriented
Twenty One Capital: Bitcoin -oriented
Upexi: solana and defi
🎯 These companies offer compound opportunities, especially with stinging, locked token discounts and defi return strategies.
“Altcoin treasures activate the return structures that BTC cannot provide,” - Quynh Ho, GSR
🛑 Risks: Leverge, volatility and fragility of the model
Investors warn on the following issues:
Risk of leverage: Receiving crypto with convertible debt can lead to a guarantee crisis in the bear market.
Premium’s collapse: If the stock value falls under the nav, confidence is shaken and sales may accelerate.
Excessive crowded: The emergence of too many companies with the same strategy can cause the model to consume itself.
“This is a speculative arbitrage model rather than a strategy,” - Rob Hadick, Dragonfly
“This cycle may have GBTC or Luna,” - Thomas Klocanas, Strobe Ventures
🔄 Those who resist the bear market will remain
Nevertheless, some funds believe that companies with well -structured and debt -free balance sheet can achieve long -term success.
For example:
Upexi: low debt, solid capital structure
PANTERA INVESTMENTS: Strategy focused on token per share
“Teams who want to survive should make a crisis plan from today,” - Ravi accident
Crypto Treasury companies offer the investor a leverage and aggressive growth model beyond direct spot purchase. However, the sustainability of this model depends not only on the price, but also the cycle of psychology and liquidity. Like every rising model, it should be watched carefully with its risks.
