Asia Morning Update: ‘Just Stick to a Bitcoin ETF’ as BTC Treasury Plans Face Reality

Bitcoin Treasury Firms Face Reality Check as Scale and Strategy Matter

Bitcoin treasury companies are confronting a simple but critical question: can they outperform BTC itself, or should investors simply buy the asset?

“If you aren’t doing that, just buy a Bitcoin ETF,” said Matt Cole, CEO of Strive Asset Management, at BTC Asia in Hong Kong. Known for advocating GameStop (GME) putting BTC on its balance sheet, Cole emphasized that achieving alpha requires scale and smart financing, citing a shift from convertibles to perpetual preferred equity. The toughest milestone, he said, is reaching a $1 billion balance sheet, where leverage and IPO support become viable.

Cole also highlighted bitcoin’s unique qualities as a treasury asset: fixed supply, long-term value preservation, and resilience versus Ethereum and other tokens, which behave more like equities. “Ethereum makes for a horrible asset for a treasury company,” he added.

Andrew Webley of The Smarter Web Company emphasized transparency and risk communication. “Publishing your rules upfront is crucial,” Webley said. “When investors understand the risks, BTC treasury models can offer some of the best value opportunities available.”

The panel underscored a key choice for investors: back aggressive strategies to beat BTC or favor firms offering steady growth with clear disclosure. Either way, bitcoin’s role as a treasury asset continues to expand amid ongoing fiat debasement.

Market Highlights:

BTC: Trading above $110,500; minor pullback with accumulation near support.
ETH: Down 0.6% to $4,300; institutional demand remains strong.
Gold: Near record highs; slight pullback from profit-taking.
Nikkei 225: Gains supported by foreign buying, corporate reforms, and dovish U.S. cues.
S&P 500: Up 0.83% to 6,502.08; traders await Friday’s employment report.