What’s new for Bitcoin Treasury Companies? The crypto-asset treasury model is attracting companies from all over the world. However, several problems are beginning to emerge: competition, market contraction, volatility. Solutions exist to address these issues.
Bitcoin Treasury Companies must evolve quickly
The bubble inflates and then bursts. The number of crypto treasuries has exploded in recent weeks, peaking in Q3 2025. More specifically, on July 16, the market capitalization of the 12 largest Bitcoin Treasury Companies reached a peak of $165 billion—including $124.6 billion for Strategy. And that’s not good news!
The number of companies is increasing, but demand is decreasing. Two factors were driving investors towards Bitcoin Treasury Companies: the lack of direct access to Bitcoin and regulatory restrictions.
When Strategy launched its model in 2021, spot Bitcoin ETFs did not exist. In addition, many companies, banks, and financial institutions are not allowed to have direct exposure to Bitcoin. For example, the Norwegian sovereign wealth fund has a $1.25 billion investment in Bitcoin. But this is not through a direct purchase, or even an ETF! Instead, the fund owns Strategy shares and a few Metaplanet shares.
The Bitcoin Treasuries market is cracking
The model is faltering. While Strategy can count on sovereign wealth funds to buy its shares, this is not the case for other Bitcoin Treasury Companies. For them, their momentum boils down to this summer’s mini-bubble. They have no long-term vision, no communication, and are content to ride the coattails of Michael Saylor.
Unfortunately for them, the bubble is bursting.
This market contraction is reflected in two ways: the market net asset value (mNAV) is trending towards 1, and crypto-asset treasuries are entering a phase known as “player versus player (PvP),” according to a report by Coinbase.
One way to prevent mNAV from falling below the break-even point is through yields. This explains why the most recent crypto-asset treasuries are choosing cryptocurrencies that offer staking yields.
An alternative: crypto treasuries with staking yields
Cryptocurrencies with staking? A miscalculation, according to Eric Benoist, Tech & Data Research expert at Natixis: “Ethereum and Solana do generate yields, certainly. But the more these blockchains are used, the more the value of their tokens becomes problematic.”
Unlike Bitcoin, giant infrastructures rely on Ethereum and Solana. If large quantities of tokens were to be tied up in treasuries to drive up the price, this would have a negative impact on the real use of these blockchains. Like Bitwise and its CEO, Tom Lee, who is seeking to accumulate 10% of the total supply of Ethereum.
Ultimately, these blockchains have a simple way to compensate for this lack of monetary circulation: issue more tokens. This is a possible solution for the Solana and Ethereum blockchains, with serious consequences for SOL and ETH treasuries.
Indeed, issuing tokens ultimately dilutes the value of assets in reserve and mechanically lowers the mNAV. Efforts to generate a high mNAV by choosing cryptocurrencies with staking yields would be reduced to zero, and everything would have to be redone.
The other solution: putting Bitcoin to work
What if Bitcoin worked? If companies are turning to Solana and Ethereum, it is primarily to generate returns. They are well aware of the flaws in these blockchains and the power of Bitcoin, with its hard cap of 21 million units, the cornerstone of digital gold. The problem is that even for Michael Saylor, Bitcoin is “unusable.” The CEO of Strategy is sitting on $69.8 billion that he can’t do anything with—for now. He has to systematically sell Class A shares to finance himself and buy Bitcoin, because he can’t pay the bond coupons. The ideal solution would be to be able to generate yield on Bitcoin. As Eric Benoist of Natixis says: “We would like to see the biggest players move away from orthodoxy and adopt a more dynamic approach.” Monetize dormant Bitcoin, with loans or options, for example.
Another monetization model: Melanion Capital and BTOC
A cash flow model for private companies? At Melanion Capital, the idea of generating returns with immobilized Bitcoins is also gaining ground. When interviewed by TCN, Melanion CEO Jad Comair explained his solution for developing the next generation of Bitcoin Treasury Companies. Melanion is a pioneer in financial engineering around Bitcoin and cryptocurrencies. Founded in Paris in 2013, it was the first to sell a Bitcoin ETF regulated in France by the Autorité des Marchés Financiers, the stock market regulator. Today, Melanion Capital has developed a model that allows private companies to set up a profitable Bitcoin treasury, under the name Bitcoin Treasury Operating Company (BTOC).
“Our model is based on two pillars. First, the direct accumulation of Bitcoin in cash, the rarest and best-performing asset of our generation,” explains Jad Comair. He continues: “The other pillar is financial engineering.”
Structuring, liquidity, risk management: with financial engineering built around Bitcoin treasuries, we can generate alpha beyond simply holding Bitcoin.
Jad Comair
Without committing to specific return targets, the CEO of Melanion Capital points to the company’s long experience in derivatives and ETFs, which puts it “in an excellent position to capture opportunities that few private players know how to manage.”
Other models allow returns to be generated with Bitcoin. But they often involve “significant counterparty or regulatory risks.” Bitcoin treasuries, however, seek precisely to offer a regulated and secure alternative in a market that is still young and uncertain. There is therefore no question of sacrificing this model for higher returns.
Our approach is institutional and regulated, tailored to private companies and professional investors seeking robustness rather than speculative returns.
Jad Comair
Melanion Capital’s goal: to enable French and European private companies to embark on a Bitcoin Treasury strategy without relying on market volatility or hype, but rather with a sustainable and profitable model.
The future: “hybrid” companies
Development of an options market for pure Bitcoin Treasury players, in-house financial engineering for private companies… whatever the solutions, the crypto-asset treasury model is evolving.
The summer hype is coming to an end, and it will not enable the 194 publicly traded Bitcoin treasuries to survive, especially given the uncertainty surrounding the price of Bitcoin.
There will be more and more “hybrid” companies. For them, Bitcoin treasury is not an end in itself, but rather a smart diversification and a bulwark against inflation. With a functional and profitable treasury system, this model could become established beyond the world of cryptocurrencies.
