Even micro-strategies are being questioned, does the Bitcoin treasury company still have a future?

Author: Yue Xiaoyu, X

Reprinted: White55, Mars Finance

Recently, the Bitcoin treasury company's MicroStrategy is set to be kicked out of global index funds. This means there could be an outflow of $8.8 billion, which would be a huge blow to Bitcoin's price. So, what does the future hold for the Bitcoin treasury company? What does the future hold for the DAT model?

The DAT model is not just about traditional enterprises borrowing money to buy tokens; more importantly, the interests of traditional companies are tied to the ecosystem of this token.

Beyond the understanding of many, there are actually many Bitcoin treasury companies that are actively promoting the construction of the Bitcoin ecosystem. Proactively building the Bitcoin ecosystem is currently one of the few reliable paths to reignite the market value premium of DAT company. At times when the market is poor, this approach can create sustainable premiums even more than the foolish accumulation of more BTC. The market has already demonstrated this with real funds. Here is a table listing some of the mainstream Bitcoin treasury companies' progress in ecosystem construction.

Break the pure holding deadlock

A company that hoards coins will inevitably see the price drop to zero as long as BTC doesn't rise or if financing channels are blocked, and CPS (Supplementary Bitcoin) cannot rise again. Building an ecosystem is essentially equipping oneself with a second or even third title, allowing for supplements, technical barriers, and new growth narratives.

Turn dead assets into active income

For example, Hut 8, Core Scientific, and Bitdeer convert their BTC+ computing power into HPC resources that can be rented to large model companies like OpenAI and xAI, generating an annual return of 8-15%, which directly produces USD profits. The market valuation logic becomes: BTC holdings (1.0x) + appreciation gains (an additional 0.5-1.0x premium).

Seize the new narrative cycle

In fact, the Bitcoin ecosystem still supports new narratives, from the initial ordinal protocol to later developments such as Bitcoin Layer 2, BTCFi, etc. As long as companies are willing to invest money, teams, and branding to transform themselves into the leading public companies of this new round, retail and institutional investors are willing to grant a 2-3 times premium again, with MARU and Blockchain Group being typical examples.

From a capital game to an open platform

Original logic: Premium → Issuance → Buy BTC → Push up stock price (closed, reflexive, extremely fragile) Now logic: BTC holdings + ecological project portfolio + external developers / capital inflow → platform value → sustainable premium

Summarize

The market is increasingly losing faith that simply hoarding coins can maintain a premium.

The only way to truly reignite mNAV is for a company to transform Bitcoin from dead gold into a living ecosystem. Whoever first turns BTC holdings into income-generating assets will be able to obtain sustainable premiums again.