Bitcoin Treasury Companies Face Challenges Amid Global Index Fund Changes

According to PANews, recent developments indicate that Bitcoin treasury company MicroStrategy may be removed from global index funds, potentially leading to an $8.8 billion outflow. This could significantly impact Bitcoin prices, raising questions about the future of Bitcoin treasury companies and the DAT model. The DAT model involves more than traditional companies borrowing to buy Bitcoin; it ties their interests to the token's ecosystem. Many Bitcoin treasury companies are actively advancing Bitcoin ecosystem development, which is one of the few reliable paths to reignite DAT company market value premiums. During poor market conditions, this approach can create sustainable premiums more effectively than merely accumulating more BTC. Breaking the cycle of pure holdings is crucial. Companies that hoard Bitcoin face challenges if BTC prices don't rise or financing channels are blocked, leading to stagnant CPS (Bitcoin supplementation) and potential price drops. Building an ecosystem provides additional growth narratives and technical barriers. Transforming dead assets into active revenue is another strategy. Companies like Hut 8, Core Scientific, and Bitdeer convert their BTC holdings and computing power into HPC resources rentable to large model companies like OpenAI and xAI, generating annual yields of 8-15% and direct dollar revenue. Market valuation logic shifts to BTC holdings plus added revenue premiums. Embracing new narrative cycles is essential for the Bitcoin ecosystem. From ordinal protocols to Bitcoin Layer2 and BTCFi, companies willing to invest in teams and branding can become leading public companies, attracting 2-3 times premiums from retail and institutional investors, as seen with MARU and Blockchain Group. The shift from capital games to open platforms is evident. The previous logic of premium leading to issuance, buying BTC, and boosting stock prices was closed and fragile. The new logic involves BTC holdings, ecosystem project combinations, and external developer and fund inflows, creating platform value and sustainable premiums. In summary, the market increasingly doubts that simple Bitcoin hoarding can maintain premiums. Companies that transform Bitcoin from a static asset to a dynamic ecosystem are the ones likely to reignite mNAV and achieve sustainable premiums.