Bitcoin analyst Mark Moss argues that Bitcoin treasury firms are strategically utilizing legacy monetary infrastructure to drive the adoption of bitcoin and place themselves for what he calls historical past’s most evident arbitrage alternative.
Historic parallels
Moss compares these treasury companies—firms holding massive bitcoin balances and constructing monetary merchandise round them—to early Twentieth-century manufacturing unit homeowners who put in electrical wiring whereas nonetheless cashing in on gas-powered equipment.
He notes that whereas these homeowners have been as soon as thought-about inefficient, their forward-thinking investments ready them for the approaching shift to electrical energy.
Moss states:
“These factories didn’t look forward to gasoline to vanish. They used income from gas-powered manufacturing to put in electrical infrastructure. They regarded inefficient. Redundant. Silly. They have been truly positioning for the obvious transition in historical past.”
He asserts that right this moment’s Bitcoin treasury firms—akin to Technique—are extracting worth from conventional methods of debt and fairness and reallocating it into bitcoin. Moss provides:
“Bitcoin treasury firms are doing the EXACT identical factor… working historical past’s most evident arbitrage.”
Flexibility and threat administration benefits
In line with Moss, these companies profit from distinctive structural benefits, together with the flexibility to challenge fairness and lift capital, enabling them to handle volatility and outperform conventional tech or monetary shares.
Operators on this house mix steadiness sheet power with subtle threat administration, which permits them to each face up to and exploit market fluctuations.
Persistent market skepticism
Regardless of Moss’s bullish view, the market stays cautious.
Bitcoin treasury shares like Technique commerce at a major low cost, with a 1.6x a number of on bitcoin holdings, in comparison with the S&P 500’s 30x price-to-earnings ratio. The Bitcoin Therapist commented:
“Not an opportunity. Market is unsuitable.”
Current worth motion highlights this disconnect:
As of August 2025, bitcoin reached new highs above $124,000, however many treasury shares remained flat or declined amid heavy liquidations and ETF outflows.
The obvious mispricing raises questions on whether or not the market is underestimating the long-term technique of those bitcoin-focused companies.