S&P Rating on Strategy: Overview, Implications, and Industry Direction
Abstract The S&P rating on Strategy shows that when bitcoin is fully deducted from adjusted common equity, total adjusted capital turns negative and the rating is forced to anchor on weak capitalization. That outcome is predictable under the 2024 RACF and 2025 hybrid criteria. The practical takeaway for issuers seeking higher credit ratings is to […]
9 Ways MSCI’s Proposed Digital Asset Rule Could Undermine Index Neutrality
A major rule change is being considered by MSCI, one of the most influential index providers in global markets. If adopted, it would materially alter how public companies that hold digital assets—particularly Bitcoin—are classified and included in major equity indexes. For companies, investors, asset managers, and anyone who depends on index-based benchmarks, this proposal raises fundamental […]
Shortsighted Shift at MSCI Singles Out Bitcoin Treasury Companies and Undercuts Benchmark Neutrality
MSCI is considering a new rule that would remove companies from its Global Investable Market Indexes if 50% or more of their assets are held in digital assets such as Bitcoin. The proposal appears simple, but the implications are far-reaching. It would affect companies like Michael Saylor’s Strategy (formerly MicroStrategy), Eric and Donald Trump Jr’s American Bitcoin Corp (ABTC), and […]
These New Shareholder Tools Make Bitcoin Activism Easy to Launch and Hard to Ignore
For most of my life, the limiting factor in bringing my ideas to life has been code. I’ve always had a clear vision for the tools I wanted to build, but the execution gap was real. The ideas stayed on whiteboards, in notebooks, or in half-finished PhotoShop mockups. That barrier no longer exists.AI has collapsed […]
How a 2014 Essay Shockingly Predicted the Era of Corporate Bitcoin Treasuries
I. The Forgotten Blueprint In July 2014, when Bitcoin was trading near six hundred dollars and most executives dismissed it as an internet novelty, Pierre Rochard published an essay titled Speculative Attack. It was a dense, Austrian-leaning treatise that argued Bitcoin would not be adopted because it was “better technology,” but because economic reality would force adoption. People would eventually […]
The 3 Bitcoin Treasury Company Models According to Michael Saylor
As Bitcoin becomes a strategic asset class in public markets, a new class of corporate entity is emerging: the Bitcoin treasury company. These are firms that accumulate Bitcoin on their balance sheet as a core part of their capital strategy, leveraging it to unlock asymmetric upside, financial durability, and institutional credibility. But not all Bitcoin treasury companies […]
9 Ways Bitcoin Treasury Companies Can Differentiate in a Crowded Market
The Era of Easy Differentiation Is Over There was a time when holding Bitcoin was enough. Strategy (formerly MicroStrategy) proved it in 2020—simply moving idle cash into Bitcoin electrified markets, drove premiums above NAV, and rewrote corporate playbooks. But five years later, the battlefield has changed. Dozens of public companies across Japan, France, the U.S., […]
The DAT Delusion: Why Only Bitcoin Belongs on Corporate Balance Sheets
1. The Rise of the DAT: A Symptom of Shallow Understanding As Bitcoin adoption by public companies accelerates, imitators are inevitable. The latest trend? DATs — “Digital Asset Treasuries” — which seek to replicate the success of Bitcoin treasury companies by allocating reserves to altcoins like Ethereum or Dogecoin. From the outside, the surface-level pitch […]
How Bitcoin Treasury Companies Can Defend mNAV in a Global Liquidity Crunch
In bull markets, capital feels infinite. Premiums rise, equity issuance flows, and Bitcoin treasury companies are heralded as unstoppable capital machines. But beneath that optimism lies a harder truth: global liquidity (GL) drives everything—and when it contracts, only structurally sound companies survive. This is the warning Chris Millas, Advisor to Méliuz, issued in a recent post that […]
The Global Bitcoin Treasury Playbook: How Jurisdiction Shapes Capital Strategy
Introduction: Why Jurisdiction Matters for Bitcoin Treasury Companies We’re watching the rise of a new asset class: Bitcoin-native equities. These are public companies that don’t just hold Bitcoin—they structure their entire balance sheet around it. The capital design is as important as the BTC on the books. As Bitcoin adoption accelerates across global capital markets, a […]