Strategy Still Dominates Corporate Bitcoin, But Treasury Premiums Are Under Pressure
Strategy remains the dominant public Bitcoin treasury company, holding 847,363 BTC by BitcoinTreasuries data. Its scale makes it the benchmark for the corporate Bitcoin trade, but attention has shifted from how much BTC it owns to how its equity is valued versus those holdings. The key issue is mNAV and the broader financing model. When treasury stocks trade at a premium to their Bitcoin, they can raise capital and keep accumulating. If that premium narrows or turns negative, the strategy becomes harder to sustain and investors start focusing on funding costs, preferred stock, buybacks, and balance-sheet flexibility. Strategy still has major advantages: brand recognition, a long track record, and access to capital markets. But it is not immune to weaker Bitcoin prices or softer ETF flows. Its performance will influence sentiment toward the entire treasury sector, especially smaller firms trying to copy the model.
