There were 179 Bitcoin treasury companies as of September 2026, according to SatsIntel. These firms can generate returns superior to Bitcoin itself thanks to favorable leverage and appreciation of the underlying asset, as illustrated by Strategy under Michael Saylor’s leadership. However, one analyst forecasts a brutal shakeout, with 95% of these companies expected to disappear, citing the example of Nakamoto’s 99% decline from its 2025 peak. Simpler alternatives for Bitcoin exposure include direct purchase on an exchange or via a spot Bitcoin ETF, which eliminate risks related to financing structure and corporate governance. Matt Cole, CEO of Strive, nevertheless defends the model, claiming he quadrupled Bitcoin holdings during a bear market while outperforming BTC.
Source: Read the original article
