In it, she explains why corporate treasury plays have been outperforming spot Bitcoin.
Here’s what you need to know about this overlooked dynamic shaping Bitcoin’s next leg up
Many institutional funds are mandate‑restricted—they legally can’t hold Bitcoin or spot ETFs.
But they can buy publicly traded companies that hold Bitcoin on their balance sheets.
This makes treasury stocks the only compliant bridge for massive pools of capital.
Supply is limited: there aren’t many Bitcoin‑holding corporations to buy.
That scarcity, paired with institutional demand, creates amplified price action.
Since 2021 MicroStrategy gained 2,850% vs. Bitcoin’s 816%—both leaving the S&P’s 99% in the dust.
These companies aren’t just buying Bitcoin—they’re using corporate debt to accumulate it.
Unlike hedge funds or leveraged ETFs, corporations issue long-dated bonds, not margin loans.
That allows them to weather volatility without forced liquidations or resets.
Layered exposure:
•BTC on the balance sheet
•Operating business as a buffer
•Debt-funded stacking as leverage
This creates enhanced returns beyond what spot Bitcoin alone can deliver.
Lyn ties this to Bitcoin’s adoption path:
First, it must be a widely held investment before it can become a widely accepted currency.
Treasury stocks and bonds are the infrastructure stepping stones along that journey.
Today, we’re seeing a dual-engine adoption model:
• ✅ Compliant, mandate-friendly exposure via treasury corporations
• 🚀 Durable leverage through corporate bond issuance
• 🌍 Both contributing to Bitcoin’s gradual normalization in traditional finance
Treasury stocks and bonds are a bridge, not the destination.
They bring in capital that otherwise couldn’t touch Bitcoin, accelerate awareness, and amplify cycles.
But ultimately, they exist to pull more people—and more balance sheets—toward holding the real thing.