There are four viable strategies for Bitcoin treasury companies: 1. Amplified bitcoin: use debt or preferred equity to build a larger bitcoin position. This requires accessing capital at a cost below bitcoin’s expected CAGR so the structure compounds bitcoin per share over time. 2. Bitcoin + profitable operating business: pair a bitcoin treasury with a cash-flowing company. If it trades at a premium to the bitcoin on the balance sheet, the company can raise capital accretively and increase bitcoin per share over time. 3. Treasury optimization: for companies with large USD reserves, allocate 50%+ to Digital Credit to transform idle cash into high recurring income. 4. Growth company offset: for companies that are not yet profitable, raise capital and allocate to Digital Credit to generate income that covers 100% of operating expenses, effectively creating an infinite runway. As the business scales, begin accumulating bitcoin.(Joe Burnett, MSBA)