On Building the Berkshire of Bitcoin

The most visionary Bitcoin Treasury firms aren’t just buying BTC — they’re designing permanent capital vehicles with purpose, discipline, and devotion to an open-source future beyond state and church

One truth was undeniable during BTC 2025: Bitcoin Treasury companies were the hottest game in town. Why? Because they’re driving the price action as today’s largest Bitcoin buyers. The SEC made it crystal clear in 2024 that Bitcoin is and always will be a commodity, which means price is set by any marginal buyer across the global supply and demand curve whether you like it or not. And right now, it’s global Bitcoin companies moving the needle.

Saylor, of course, has led the charge since 2020, but the field is expanding fast with dozens of companies worldwide coming online. They’re projected to buy up to $30bn in BTC over the next year. So, the question is: what differentiated business models are emerging to drive this momentum, and which ones should you invest in? Broadly, I envision three ROE-optimizing strategies, focusing on:

• Liability management: $MSTR and $ALTBG are innovating with novel securities like shelf-registered perpetual preferreds and BTC-denominated bonds to expand its Bitcoin ownership respectively, while $MTPLF has launched three tickers, unlocking a time machine of volatility arbitrage for Americans, Europeans, and Asians alike
  
  

• Asset management: $ASST raised a record $750mm+ PIPE to pursue Bitcoin yield through alpha-driven strategies like the holy grail of reinsurance, while $CEP is eyeing the trillion-dollar securitization market via a crypto-native lending platform alongside Cantor and SoftBank
  
  

• Operating equity management: $NAKA is pioneering its use to drive higher growth in a Bitcoin-levered operating business (BTC Inc), paving the way for cheaper capital access for other enterprises to potentially build out the Bitcoin ecosystem (notably NOT “the $GME way”)

As the line between retail and institutional capital formation is blurring (Apollo’s private credit ETFs, Kushner’s Thrive Holdings, crowdfunding, etc.), I’m convinced that the ideal Bitcoin Treasury company will master all three to become “the Berkshire Hathaway of Bitcoin”: a permanent capital vehicle where every retail investor can share in Bitcoin’s growth. And becoming the “lender of last resort” for the global Bitcoin economy is both a privilege and responsibility that will demand flawless execution.

But to truly earn this honor, a fourth element is essential. If “never sell your Bitcoins” is the ethos, then leadership must also embody Bitcoin’s culture for the long term. It must unapologetically back Bitcoin development, supporting the community over the corporate, and invest its spiritual weight alongside its financial. Bitcoin upgrades happen cautiously (ie. Taproot vs. OP_CTV), but over time, simplicity alone may not guarantee its security. Innovations like covenants, which specify constraints on future spending, could unlock vaults, payment channels, and congestion controls that define Bitcoin’s final technological form, requiring careful stewardship towards its higher calling.

Make no mistake as Ross Ulbricht said it best: “there is more freedom to be won.” Bitcoin companies must embrace the same vision of classical liberalism as individuals, to pursue freedom, decentralization, and unity: principles that only open-source software can truly deliver, not the managerial politicians. Despite the political moment, the best corporate leaders will see that the real opportunity isn’t just in accumulating, but in becoming custodians of a future where individuals, not institutions, hold the keys. It will be up to all of us then as shareholders to support the Bitcoin Standard.