MicroStrategy. BMNR. SBET.
They arenât building software.
Theyâre executing crypto treasury playbooks but now with ETH too.
𧔠How these public companies are stacking digital assets as treasury reserves:
đ The model (BTC + ETH combo):
1. Raise capital (equity, debt, PIPEs)
2. Buy BTC or ETH
3. Hold and optionally stake on balance sheet
4. As crypto appreciates, company valuation rises
4. Use higher valuation to raise more capital
Repeat rinse/cycle grows reserves
From Empire Podcast w/ Ben Forman:
âThese arenât businesses. Theyâre crypto wrappers with recurring access to capital.â
Itâs not SaaS.
Itâs network-value treasury engineering.
đĄ Why public investors care:
âą Liquid exposure to BTC/ETH via brokerage
âą No custody headaches
âą Participates in staking + yield
âą Wrapped in Nasdaq/NYSE tickers for IRAs, funds, etc.
Theyâre building programmable reserves with market access convenience.
These arenât traditional software companies.
Theyâre onchain treasury protocols wrapped as public equities, fueled by digital assets and capital market loops.
Crypto treasuries 2.0:
âą Leverage digital assets
âą Yield while holding
âą Scale using repeat capital raises
âą Build optionality into every balance sheet
Public equity isnât just owning crypto.
Itâs engineering it.
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