Written by: Yue Xiaoyu
Recently, the Bitcoin treasury company MicroStrategy is set to be removed from global index funds. This means that there could be an outflow of $8.8 billion, which would be a significant blow to Bitcoin's price. So, what does the future hold for Bitcoin treasury companies? What is the future of the DAT model?
The DAT model is not just about traditional companies borrowing money to buy coins; more importantly, the interests of traditional companies are tied to the ecosystem of this token.
Contrary to what many people believe, many Bitcoin treasury companies 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 companies. During times of poor market conditions, this approach can even create a sustainable premium more effectively than the foolish accumulation of more BTC. The market has already demonstrated this with real capital voting. Below is a table listing some mainstream Bitcoin treasury companies' progress in ecosystem construction.
Breaking the Deadlock of Pure Holding
Companies that hoard coins will find that as long as BTC does not rise, or if financing channels are blocked, CPS (supplementary Bitcoin) will struggle to rise again, and the price will inevitably drop to zero. Building an ecosystem essentially equips oneself with a second or even third title, allowing for supplementation, technological barriers, and new growth narratives.
Turning Dead Assets into Active Income
For example, Hut 8, Core Scientific, and Bitdeer are turning their held BTC and computing power into HPC resources that can be rented out to large model companies like OpenAI and xAI, generating annual returns of 8-15%, directly producing dollar income. The valuation logic provided by the market has shifted to: 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 protocol to later developments like Bitcoin Layer 2 and BTCFi. As long as companies are willing to invest money, teams, and brands to transform themselves into leading public companies in this new round, retail and institutional investors will be willing to grant a 2-3 times premium, as exemplified by MARU and Blockchain Group.
Transforming from Capital Games to Open Platforms
The original logic: premium → issuance → buy BTC → drive up stock prices (closed, reflexive, extremely fragile). The current logic: BTC holdings + ecosystem project portfolio + external developers/funding inflow → platform value → sustainable premium.
In summary
The market is increasingly skeptical that simple coin hoarding can maintain a premium.
The only companies that can reignite mNAV are those that transform Bitcoin from dead gold into a living ecosystem. Whoever first turns BTC holdings into income-generating assets will be the one to regain a sustainable premium.
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