The 3 Bitcoin Treasury Company Models According to Michael Saylor
Bitcoin Magazine The 3 Bitcoin Treasury Company Models According to Michael Saylor As Bitcoin becomes a strategic asset class in public markets, a new class of corporate entity is emerging: the Bitcoin treasury company. These are firms that accumulate Bitcoin on their balance sheet as a core part of their capital strategy, leveraging it to unlock asymmetric upside, financial durability, and institutional credibility. But not all Bitcoin treasury companies are the same. In fact, Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy) , recently outlined a clear taxonomy for understanding the landscape: a three-tiered hierarchy that separates dabblers from dominators. Each tier comes with distinct incentives, risks, and expected outcomes. For investors, analysts, and executives, understanding this framework is essential for evaluating capital strategy in the age of Bitcoin. 1. The Pure Play Bitcoin Treasury Company This is the highest-conviction model—a company t...