Blog
The Rise of the Bitcoin Treasury
Companies
Valuing Scarcity: How the Market Prices Bitcoin Treasury Companies
Valuing Scarcity: How the Market Prices Bitcoin Treasury Companies
How a New Corporate Model is Redefining Capital Preservation in the Age of Scarcity
How a New Corporate Model is Redefining Capital Preservation in the Age of Scarcity
14/06/2025
A New Archetype Is Emerging.
Bitcoin didn’t just give us a new form of money. It’s giving us a new form of corporation.
For years, Bitcoin was seen as a speculative asset — a volatile outsider, too risky for the balance sheets of serious institutions. But that perception is collapsing. Quietly, and then suddenly, a new kind of company has emerged:
The Bitcoin Treasury Companies.
These aren’t banks.
They aren’t hedge funds.
They’re not crypto startups.
They’re corporations that exist primarily to hold Bitcoin — structurally, publicly, and indefinitely.
From Speculation to Standard
The story began with MicroStrategy (now Strategy), when Michael Saylor directed its cash reserves into Bitcoin in 2020. At the time, it was seen as radical. But today, Strategy holds over 590,000 BTC, has issued billions in debt to accumulate more, and trades at a premium to its net Bitcoin holdings.
That move was not just a balance sheet play — it was a signal.
It opened the floodgates to a new model:
A listed entity that turns scarcity into structure, and makes Bitcoin investible for the legacy world.
A Bitcoin Treasury Company is a public or private corporation that:
1. Raises fiat capital (equity or debt)
3. Operates transparently, measuring performance in Bitcoin per share (BPS)
4. Trades on regulated markets, allowing passive investors to gain exposure to BTC through equity
The model is simple, but the implications are profound.
This structure allows capital allocators, institutions, family offices, and even retail investors to gain Bitcoin exposure without navigating wallets, custody, regulation, or volatility — while also benefiting from the upside of mNAV multiples.
A Market That’s Just Getting Started
In 2020, there was 1 Bitcoin Treasury Company.
In 2025, there are over 150 globally — public and private.
Collectively, they hold more than 1 million BTC — over 5% of total supply.
And this is just the beginning.
By 2030...
Estimates suggest Bitcoin Treasury Companies could hold between 2–3 million BTC, representing 10–15% of total supply.
-The market capitalization of BTC Treasury Companies could exceed $3 trillion, driven by Bitcoin price and premium multiples (mNAV).
-Why This Model Works
-Scarcity compounds — and Bitcoin Treasury Companies give it structure.
-Equity multiples (mNAV) reward strong governance, transparency, and strategic BTC accumulation.
-They offer regulatory bridges to Bitcoin for investors who can’t (or won’t) hold BTC directly.
-Scarcity compounds — and Bitcoin Treasury Companies give it structure.
-Equity multiples (mNAV) reward strong governance, transparency, and strategic BTC accumulation.
-They offer regulatory bridges to Bitcoin for investors who can’t (or won’t) hold BTC directly.
-They are inherently aligned with Bitcoin’s values: long-term, verifiable, incorruptible.
Standard 21: Born Native to This Model
While Strategy, Metaplanet, and others adopted Bitcoin, Standard 21 was built for it from the ground up.
No fiat compromises.
No plan B.
Just one mission:
Accumulate Bitcoin.
Preserve capital.
Build the corporate architecture of the Bitcoin Standard.
Conclusion: A Global Migration to Scarcity
The rise of Bitcoin Treasury Companies is not a trend.
It’s a structural response to monetary decay.
In a world of 900 trillion dollars of wealth — much of it stored in assets like bonds and cash
that are decaying silently — the world is searching for a new reserve.
Bitcoin is that reserve.
Bitcoin Treasury Companies are the public vaults that will hold it.
Standard 21 is proud to be one of them.
This is not speculation. This is infrastructure.
Bitcoin is the signal. We are the structure.
Welcome to the Bitcoin Treasury Era.
A New Archetype Is Emerging.
Bitcoin didn’t just give us a new form of money. It’s giving us a new form of corporation.
For years, Bitcoin was seen as a speculative asset — a volatile outsider, too risky for the balance sheets of serious institutions. But that perception is collapsing. Quietly, and then suddenly, a new kind of company has emerged:
The Bitcoin Treasury Companies.
These aren’t banks.
They aren’t hedge funds.
They’re not crypto startups.
They’re corporations that exist primarily to hold Bitcoin — structurally, publicly, and indefinitely.
From Speculation to Standard
The story began with MicroStrategy (now Strategy), when Michael Saylor directed its cash reserves into Bitcoin in 2020. At the time, it was seen as radical. But today, Strategy holds over 590,000 BTC, has issued billions in debt to accumulate more, and trades at a premium to its net Bitcoin holdings.
That move was not just a balance sheet play — it was a signal.
It opened the floodgates to a new model:
A listed entity that turns scarcity into structure, and makes Bitcoin investible for the legacy world.
A Bitcoin Treasury Company is a public or private corporation that:
1. Raises fiat capital (equity or debt)
3. Operates transparently, measuring performance in Bitcoin per share (BPS)
4. Trades on regulated markets, allowing passive investors to gain exposure to BTC through equity
The model is simple, but the implications are profound.
This structure allows capital allocators, institutions, family offices, and even retail investors to gain Bitcoin exposure without navigating wallets, custody, regulation, or volatility — while also benefiting from the upside of mNAV multiples.
A Market That’s Just Getting Started
In 2020, there was 1 Bitcoin Treasury Company.
In 2025, there are over 150 globally — public and private.
Collectively, they hold more than 1 million BTC — over 5% of total supply.
And this is just the beginning.
By 2030...
Estimates suggest Bitcoin Treasury Companies could hold between 2–3 million BTC, representing 10–15% of total supply.
-The market capitalization of BTC Treasury Companies could exceed $3 trillion, driven by Bitcoin price and premium multiples (mNAV).
-Why This Model Works
-Scarcity compounds — and Bitcoin Treasury Companies give it structure.
-Equity multiples (mNAV) reward strong governance, transparency, and strategic BTC accumulation.
-They offer regulatory bridges to Bitcoin for investors who can’t (or won’t) hold BTC directly.
-Scarcity compounds — and Bitcoin Treasury Companies give it structure.
-Equity multiples (mNAV) reward strong governance, transparency, and strategic BTC accumulation.
-They offer regulatory bridges to Bitcoin for investors who can’t (or won’t) hold BTC directly.
-They are inherently aligned with Bitcoin’s values: long-term, verifiable, incorruptible.
Standard 21: Born Native to This Model
While Strategy, Metaplanet, and others adopted Bitcoin, Standard 21 was built for it from the ground up.
No fiat compromises.
No plan B.
Just one mission:
Accumulate Bitcoin.
Preserve capital.
Build the corporate architecture of the Bitcoin Standard.
Conclusion: A Global Migration to Scarcity
The rise of Bitcoin Treasury Companies is not a trend.
It’s a structural response to monetary decay.
In a world of 900 trillion dollars of wealth — much of it stored in assets like bonds and cash
that are decaying silently — the world is searching for a new reserve.
Bitcoin is that reserve.
Bitcoin Treasury Companies are the public vaults that will hold it.
Standard 21 is proud to be one of them.
This is not speculation. This is infrastructure.
Bitcoin is the signal. We are the structure.
Welcome to the Bitcoin Treasury Era.
A New Archetype Is Emerging.
Bitcoin didn’t just give us a new form of money. It’s giving us a new form of corporation.
For years, Bitcoin was seen as a speculative asset — a volatile outsider, too risky for the balance sheets of serious institutions. But that perception is collapsing. Quietly, and then suddenly, a new kind of company has emerged:
The Bitcoin Treasury Companies.
These aren’t banks.
They aren’t hedge funds.
They’re not crypto startups.
They’re corporations that exist primarily to hold Bitcoin — structurally, publicly, and indefinitely.
From Speculation to Standard
The story began with MicroStrategy (now Strategy), when Michael Saylor directed its cash reserves into Bitcoin in 2020. At the time, it was seen as radical. But today, Strategy holds over 590,000 BTC, has issued billions in debt to accumulate more, and trades at a premium to its net Bitcoin holdings.
That move was not just a balance sheet play — it was a signal.
It opened the floodgates to a new model:
A listed entity that turns scarcity into structure, and makes Bitcoin investible for the legacy world.
A Bitcoin Treasury Company is a public or private corporation that:
1. Raises fiat capital (equity or debt)
3. Operates transparently, measuring performance in Bitcoin per share (BPS)
4. Trades on regulated markets, allowing passive investors to gain exposure to BTC through equity
The model is simple, but the implications are profound.
This structure allows capital allocators, institutions, family offices, and even retail investors to gain Bitcoin exposure without navigating wallets, custody, regulation, or volatility — while also benefiting from the upside of mNAV multiples.
A Market That’s Just Getting Started
In 2020, there was 1 Bitcoin Treasury Company.
In 2025, there are over 150 globally — public and private.
Collectively, they hold more than 1 million BTC — over 5% of total supply.
And this is just the beginning.
By 2030...
Estimates suggest Bitcoin Treasury Companies could hold between 2–3 million BTC, representing 10–15% of total supply.
-The market capitalization of BTC Treasury Companies could exceed $3 trillion, driven by Bitcoin price and premium multiples (mNAV).
-Why This Model Works
-Scarcity compounds — and Bitcoin Treasury Companies give it structure.
-Equity multiples (mNAV) reward strong governance, transparency, and strategic BTC accumulation.
-They offer regulatory bridges to Bitcoin for investors who can’t (or won’t) hold BTC directly.
-Scarcity compounds — and Bitcoin Treasury Companies give it structure.
-Equity multiples (mNAV) reward strong governance, transparency, and strategic BTC accumulation.
-They offer regulatory bridges to Bitcoin for investors who can’t (or won’t) hold BTC directly.
-They are inherently aligned with Bitcoin’s values: long-term, verifiable, incorruptible.
Standard 21: Born Native to This Model
While Strategy, Metaplanet, and others adopted Bitcoin, Standard 21 was built for it from the ground up.
No fiat compromises.
No plan B.
Just one mission:
Accumulate Bitcoin.
Preserve capital.
Build the corporate architecture of the Bitcoin Standard.
Conclusion: A Global Migration to Scarcity
The rise of Bitcoin Treasury Companies is not a trend.
It’s a structural response to monetary decay.
In a world of 900 trillion dollars of wealth — much of it stored in assets like bonds and cash
that are decaying silently — the world is searching for a new reserve.
Bitcoin is that reserve.
Bitcoin Treasury Companies are the public vaults that will hold it.
Standard 21 is proud to be one of them.
This is not speculation. This is infrastructure.
Bitcoin is the signal. We are the structure.
Welcome to the Bitcoin Treasury Era.
While Strategy, Metaplanet, and others adopted Bitcoin, Standard 21 was built for it from
the ground up.
A New Archetype Is Emerging.
Bitcoin didn’t just give us a new form of money. It’s giving us a new form of corporation.
For years, Bitcoin was seen as a speculative asset — a volatile outsider, too risky for the balance sheets of serious institutions. But that perception is collapsing. Quietly, and then suddenly, a new kind of company has emerged:
The Bitcoin Treasury Companies.
These aren’t banks.
They aren’t hedge funds.
They’re not crypto startups.
They’re corporations that exist primarily to hold Bitcoin — structurally, publicly, and indefinitely.
From Speculation to Standard
The story began with MicroStrategy (now Strategy), when Michael Saylor directed its cash reserves into Bitcoin in 2020. At the time, it was seen as radical. But today, Strategy holds over 590,000 BTC, has issued billions in debt to accumulate more, and trades at a premium to its net Bitcoin holdings.
That move was not just a balance sheet play — it was a signal.
It opened the floodgates to a new model:
A listed entity that turns scarcity into structure, and makes Bitcoin investible for the legacy world.
A Bitcoin Treasury Company is a public or private corporation that:
1. Raises fiat capital (equity or debt)
3. Operates transparently, measuring performance in Bitcoin per share (BPS)
4. Trades on regulated markets, allowing passive investors to gain exposure to BTC through equity
The model is simple, but the implications are profound.
This structure allows capital allocators, institutions, family offices, and even retail investors to gain Bitcoin exposure without navigating wallets, custody, regulation, or volatility — while also benefiting from the upside of mNAV multiples.
A Market That’s Just Getting Started
In 2020, there was 1 Bitcoin Treasury Company.
In 2025, there are over 150 globally — public and private.
Collectively, they hold more than 1 million BTC — over 5% of total supply.
And this is just the beginning.
By 2030...
Estimates suggest Bitcoin Treasury Companies could hold between 2–3 million BTC, representing 10–15% of total supply.
-The market capitalization of BTC Treasury Companies could exceed $3 trillion, driven by Bitcoin price and premium multiples (mNAV).
-Why This Model Works
-Scarcity compounds — and Bitcoin Treasury Companies give it structure.
-Equity multiples (mNAV) reward strong governance, transparency, and strategic BTC accumulation.
-They offer regulatory bridges to Bitcoin for investors who can’t (or won’t) hold BTC directly.
-Scarcity compounds — and Bitcoin Treasury Companies give it structure.
-Equity multiples (mNAV) reward strong governance, transparency, and strategic BTC accumulation.
-They offer regulatory bridges to Bitcoin for investors who can’t (or won’t) hold BTC directly.
-They are inherently aligned with Bitcoin’s values: long-term, verifiable, incorruptible.
Standard 21: Born Native to This Model
While Strategy, Metaplanet, and others adopted Bitcoin, Standard 21 was built for it from the ground up.
No fiat compromises.
No plan B.
Just one mission:
Accumulate Bitcoin.
Preserve capital.
Build the corporate architecture of the Bitcoin Standard.
Conclusion: A Global Migration to Scarcity
The rise of Bitcoin Treasury Companies is not a trend.
It’s a structural response to monetary decay.
In a world of 900 trillion dollars of wealth — much of it stored in assets like bonds and cash
that are decaying silently — the world is searching for a new reserve.
Bitcoin is that reserve.
Bitcoin Treasury Companies are the public vaults that will hold it.
Standard 21 is proud to be one of them.
This is not speculation. This is infrastructure.
Bitcoin is the signal. We are the structure.
Welcome to the Bitcoin Treasury Era.