What is the future of Bitcoin Treasury companies?

Recently, Bitcoin treasury companies' micro-strategies are reportedly being removed from global index funds. This could mean an outflow of $8.8 billion, a significant blow to Bitcoin prices. So, what is the future of Bitcoin treasury companies? What is the future of the DAT model? The DAT model is not simply about traditional companies borrowing money to buy cryptocurrencies; more importantly, it binds the interests of traditional companies to the ecosystem of this token. Contrary to popular belief, many Bitcoin treasury companies are already actively promoting the development of the Bitcoin ecosystem. Actively building the Bitcoin ecosystem is currently one of the few reliable paths to reignite the market capitalization premium of DAT companies. In times of severe market downturns, this approach can create a more sustainable premium than foolishly hoarding more BTC. The market has already proven this with real money. A table here lists the ecosystem development progress of some mainstream Bitcoin treasury companies.

Breaking the vicious cycle of pure holding

For companies that hoard coins, as long as BTC doesn't rise or their financing channels are blocked, CPS (Cost Per Sale) will stop rising and the price will inevitably drop to zero. Building an ecosystem is essentially giving yourself a second or even third engine, allowing for supplementation, technological barriers, and new growth narratives. Turning Dead Assets into Active Income: For example, Hut 8, Core Scientific, and Bitdeer have transformed their BTC+ computing power into HPC resources that can be rented to large model companies like OpenAI and xAI, generating an annualized return of 8-15% and directly generating USD income. The market's valuation logic has become: BTC holdings (1.0x) + appreciation income (an additional 0.5-1.0x premium). Seizing the New Narrative Cycle: In fact, the Bitcoin ecosystem still supports new narratives, from the initial ordinal protocols to later Bitcoin Layer 2, BTCFi, etc. As long as companies are willing to invest money, teams, and brand, transforming themselves into leading listed companies in this new round, retail and institutional investors are willing to give them a 2-3x premium. MARU and Blockchain Group are typical examples. From a Capital Game to an Open Platform The original logic: Premium → Issuance → Buying BTC → Pushing up stock price (closed, reflexive, extremely fragile) The current logic: BTC holdings + Ecosystem project portfolio + External developers/capital inflows → Platform value → Sustainable premium In summary, the market is increasingly skeptical that simply hoarding coins can maintain a premium. Only companies that transform Bitcoin from dead gold into a living ecosystem can truly reignite mNAV. Whoever first transforms their BTC holdings into a yield-generating asset will be able to regain a sustainable premium.