MicroStrategy risks removal from global index funds, potentially triggering an $8.8 billion outflow and putting pressure on Bitcoin's price.

The core of the DAT model involves deeply binding traditional corporate interests with the Bitcoin ecosystem, not merely borrowing money to buy BTC.

Bitcoin treasury companies are actively building within the Bitcoin ecosystem (e.g., Layer2, BTCFi), which is a key path to rebuilding market value premiums.

Ecosystem development can break the pure reliance on holdings, create technological moats and new growth narratives, and prevent stock prices from falling to zero.

Some companies are generating 8-15% annualized returns by converting Bitcoin mining power into rentable HPC resources for clients like OpenAI and xAI, gaining additional valuation premiums.

Market trends indicate that simply hoarding coins can no longer sustain premiums; transforming Bitcoin into income-generating assets is necessary for sustainable valuation increases.

Summary

Author: Yue Xiaoyu

Recently, there's news that MicroStrategy, a prominent Bitcoin treasury company, might be kicked out of global index funds. This could potentially lead to an $8.8 billion exodus, dealing a significant blow to the Bitcoin price. This raises the critical question: where is the future for Bitcoin treasury companies? Where does the future of the DAT model lie?

The DAT model isn't just about traditional companies borrowing money to buy coins. More crucially, it's about deeply intertwining the interests of these traditional companies with the ecosystem of this token.

Contrary to common perception, several Bitcoin treasury companies are already actively advancing Bitcoin ecosystem development. Proactively building within the Bitcoin ecosystem is currently one of the few reliable paths capable of reigniting valuation premiums for DAT companies. During bearish periods, this approach can even create more sustainable premiums than simply accumulating more BTC. The market has already voted with real capital, proving this point.

Breaking the Pure Holdings Cycle

For companies that only hoard coins, if BTC doesn't rise or financing channels get blocked, the ability to acquire more Bitcoin weakens, and the premium vanishes, inevitably driving the price toward zero. Building an ecosystem essentially equips these companies with a second or even third engine, providing replenishment, technological barriers, and new growth narratives.

Turning Static Assets into Active Income

Companies like Hut 8, Core Scientific, and Bitdeer are converting their held BTC and computational power into HPC resources rentable to major AI firms like OpenAI and xAI, generating annualized returns of 8-15% directly in USD. The market's valuation logic thus shifts: BTC holdings (1.0x) + value-added income (additional 0.5-1.0x premium).

Capturing New Narrative Cycles

The Bitcoin ecosystem still supports new narratives, from initial ordinal protocols to subsequent Bitcoin Layer2 solutions and BTCFi. As long as companies are willing to invest capital, teams, and brand power to position themselves as leaders in this new cycle, retail and institutional investors are willing to grant a 2-3x premium again, with MARA and Blockchain Group being typical examples.

Evolving from Capital Game to Open Platform

The old logic: Premium → Share Issuance → Buy BTC → Push Stock Price (Closed, reflexive, highly fragile).

The new logic: BTC Holdings + Ecosystem Project Portfolio + External Developer/Capital Inflows → Platform Value → Sustainable Premium.

Conclusion

The market is increasingly losing faith in the idea that simple coin hoarding can maintain a premium.

The only thing that can truly reignite mNAV premiums are companies that transform Bitcoin from "dead gold" into a "living ecosystem." Those who first succeed in turning their BTC holdings into income-generating assets will be the ones to regain a sustainable premium.

MicroStrategy risks removal from global index funds, potentially triggering an $8.8 billion outflow and putting pressure on Bitcoin's price.

The core of the DAT model involves deeply binding traditional corporate interests with the Bitcoin ecosystem, not merely borrowing money to buy BTC.

Bitcoin treasury companies are actively building within the Bitcoin ecosystem (e.g., Layer2, BTCFi), which is a key path to rebuilding market value premiums.

Ecosystem development can break the pure reliance on holdings, create technological moats and new growth narratives, and prevent stock prices from falling to zero.

Some companies are generating 8-15% annualized returns by converting Bitcoin mining power into rentable HPC resources for clients like OpenAI and xAI, gaining additional valuation premiums.

Market trends indicate that simply hoarding coins can no longer sustain premiums; transforming Bitcoin into income-generating assets is necessary for sustainable valuation increases.

Summary

Author: Yue Xiaoyu

Recently, there's news that MicroStrategy, a prominent Bitcoin treasury company, might be kicked out of global index funds. This could potentially lead to an $8.8 billion exodus, dealing a significant blow to the Bitcoin price. This raises the critical question: where is the future for Bitcoin treasury companies? Where does the future of the DAT model lie?

The DAT model isn't just about traditional companies borrowing money to buy coins. More crucially, it's about deeply intertwining the interests of these traditional companies with the ecosystem of this token.

Contrary to common perception, several Bitcoin treasury companies are already actively advancing Bitcoin ecosystem development. Proactively building within the Bitcoin ecosystem is currently one of the few reliable paths capable of reigniting valuation premiums for DAT companies. During bearish periods, this approach can even create more sustainable premiums than simply accumulating more BTC. The market has already voted with real capital, proving this point.

Breaking the Pure Holdings Cycle

For companies that only hoard coins, if BTC doesn't rise or financing channels get blocked, the ability to acquire more Bitcoin weakens, and the premium vanishes, inevitably driving the price toward zero. Building an ecosystem essentially equips these companies with a second or even third engine, providing replenishment, technological barriers, and new growth narratives.

Turning Static Assets into Active Income

Companies like Hut 8, Core Scientific, and Bitdeer are converting their held BTC and computational power into HPC resources rentable to major AI firms like OpenAI and xAI, generating annualized returns of 8-15% directly in USD. The market's valuation logic thus shifts: BTC holdings (1.0x) + value-added income (additional 0.5-1.0x premium).

Capturing New Narrative Cycles

The Bitcoin ecosystem still supports new narratives, from initial ordinal protocols to subsequent Bitcoin Layer2 solutions and BTCFi. As long as companies are willing to invest capital, teams, and brand power to position themselves as leaders in this new cycle, retail and institutional investors are willing to grant a 2-3x premium again, with MARA and Blockchain Group being typical examples.

Evolving from Capital Game to Open Platform

The old logic: Premium → Share Issuance → Buy BTC → Push Stock Price (Closed, reflexive, highly fragile).

The new logic: BTC Holdings + Ecosystem Project Portfolio + External Developer/Capital Inflows → Platform Value → Sustainable Premium.

Conclusion

The market is increasingly losing faith in the idea that simple coin hoarding can maintain a premium.

The only thing that can truly reignite mNAV premiums are companies that transform Bitcoin from "dead gold" into a "living ecosystem." Those who first succeed in turning their BTC holdings into income-generating assets will be the ones to regain a sustainable premium.