The post Facing a crisis, Bitcoin treasury companies need to pivot to survive appeared on BitcoinEthereumNews.com.

For much of the last three years, a predictable cycle dominated the market: companies announced their intentions to purchase massive volumes of Bitcoin, watched their stock prices soar to a premium and issued new shares to buy more Bitcoin. This feedback loop made Bitcoin accumulation look like an “infinite money glitch”: a guaranteed way for public companies to manufacture shareholder value out of thin air. As we move through the first quarter of 2026, that cycle has broken. Recent data shows that roughly 40% of publicly traded Bitcoin treasuries are now trading at a discount to their net asset value (NAV). In plain terms, the market now values these companies as a liability, worth less than the market price of the Bitcoin they hold. This collapse in valuation has invited blistering criticism from institutional veterans. Jan van Eck, CEO of VanEck, recently dismissed the sector as a publicity-driven trend, while veteran analyst Herb Greenberg has characterized the most prominent player, Strategy, as a “quasi-Ponzi scheme.” These critiques point to a failure in how many of these firms are managed. To remain viable, Bitcoin treasury companies must accept that accretive dilution is no longer a sustainable strategy. They must move beyond holding passively and operate as disciplined asset managers. Competing philosophies: the promoter vs. the asset manager Today, most Bitcoin treasury companies are divided into two camps, representing fundamentally different philosophies of corporate management: “Promoters” and “Asset Managers.” Promoters treat Bitcoin as a passive asset to be hoarded. In this model, the company’s primary job is two-fold. First, the firm must act as an aggressive advocate for the underlying currency and its ecosystem. By investing in community projects and maintaining a constant presence in public discourse, the Promoter works to drive the token price higher and capitalize on gains from its…

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Filed under: News - @ March 18, 2026 2:27 am