Bitcoin Treasury Companies: What They Are, Why They Matter — And How to Spot the Next Smarter Web Company
Disclaimer: The following is not investment advice. It is personal research used solely for my own informational and analytical purposes. All content, data, and assessments included may contain errors, omissions, or inaccuracies, and are subject to change without notice. This material should not be interpreted as a recommendation to buy, sell, or hold any security. Always perform your own due diligence or consult a qualified financial advisor before making any investment decisions.
There’s been a noticeable uptick lately in the number of small-cap companies pivoting toward Bitcoin-focused strategies — not just dabbling in crypto, but actively transforming themselves into Bitcoin Treasury Companies. In some cases, this shift has led to explosive moves in market cap and share price.
The most well-known example is, of course, MicroStrategy — but there are now newer and far more obscure names starting to follow a similar playbook, often with dramatic results. Some of them have come out of nowhere.
I’ve been keeping a close eye on this trend, not only to understand what’s happening under the hood, but also to see whether it may offer any viable investment opportunities — especially for those with a higher risk tolerance and an interest in asymmetric ideas.
🪙 What Is a Bitcoin Treasury Company?
The basic idea is simple: rather than hold idle cash or low-yield reserves, some companies are choosing to buy and hold Bitcoin as a primary treasury asset. Some go further — using newly raised capital to acquire Bitcoin and positioning themselves as a kind of “publicly listed BTC proxy.”
A few common characteristics:
Hold Bitcoin as a core part of the balance sheet.
Frequently raise equity capital to buy more BTC.
Market themselves explicitly as Bitcoin-aligned businesses.
Often operate in sectors unrelated to crypto, at least initially.
This isn’t about mining or operating an exchange — it’s more about becoming a corporate vault for Bitcoin and riding the market narrative that goes along with it.
📈 Some Cases Where It’s Worked — Big
MicroStrategy (NASDAQ: MSTR)
The original BTC Treasury pivot.
Began accumulating Bitcoin in 2020 and now holds over 226,000 BTC.
Market cap has surged from ~$1B to ~$20–25B depending on Bitcoin price.
Has become a kind of leveraged Bitcoin ETF by proxy, attracting institutional and retail flow alike.
The Smarter Web Company (Aquis: SWC)
A far lesser-known — and frankly fascinating — UK example.
Originally a modest web design firm based in Guildford.
Began holding Bitcoin on its balance sheet and formalised a 10-year BTC Treasury Plan in April 2025.
Raised over £62 million through equity issuance to acquire 773 BTC, and still holds around £52 million in unspent cash.
Shares have surged from ~£0.20 to £3.55 in a matter of weeks, pushing the market cap from ~£3.7 million to over £900 million.
Some quick observations:
The stock is now trading at a substantial premium to its net Bitcoin assets.
Most of the move has been driven by sentiment, media attention, and retail flows.
It’s still a speculative proposition — but the magnitude of the revaluation shows just how powerful this kind of narrative can be when paired with crypto enthusiasm.
⚠️ And Where It Hasn’t Worked (or Might Not)
These companies often walk a tightrope. A few things stood out during the research:
Heavy dilution risk: Many issue large amounts of stock to fund BTC purchases, which can harm long-term holders if BTC doesn't rise fast enough.
Thin revenue models: Some of these businesses have minimal or declining operating income, so they're relying entirely on Bitcoin to justify their valuations.
Lack of transparency: Auditing and custody structures are often unclear, especially among microcaps on junior markets.
Sentiment-driven volatility: These are rarely rationally priced; they swing with Bitcoin and broader risk appetite, often dramatically.
🔎 What to Watch For: Spotting the Next “Smarter Web”
If you’re trying to identify companies that might follow this model in the near-to-medium term, a few recurring markers seem to show up:
Tiny market cap + low trading volume: Look for names under £50 million where even modest inflows can move the needle.
Large insider ownership: Companies where founders or directors hold a big stake may be more inclined to pursue bold, equity-driven moves.
Little operational growth: Firms that are stuck in slow-growing industries may look for a Bitcoin angle to revive interest.
Cash-heavy balance sheet: If a company recently raised money but hasn’t disclosed clear plans for how it will be spent, it may be lining up a BTC allocation.
Crypto language creeping into filings: References to Bitcoin, digital assets, treasury strategy, or future-proofing against fiat risk are often a tell.
🕵️♂️ Companies That Might Be Worth Keeping an Eye On
There’s no guarantee any of these firms will pivot, but a few seem to be circling the right kind of playbook:
1. Online Blockchain plc (LSE: OBC)
Long history with speculative blockchain ventures.
Tiny cap, thinly traded.
Could be positioned for a “BTC proxy” role.
2. Valereum (Aquis: VLRM)
Involved in tokenized securities and crypto infrastructure.
Based in Gibraltar, with relatively flexible governance.
Already immersed in the digital asset narrative.
3. Coinsilium Group (Aquis: COIN)
Investment firm focused on blockchain startups.
Could pivot into a treasury model if it wants to enhance NAV visibility or ride the Bitcoin narrative.
4. Catenae Innovation (AIM: CTEA)
Operating loss history, tech pivot past.
Has a low valuation and could surprise with a rebranding move.
None of these are investment recommendations — but they each tick enough of the boxes to merit casual tracking, particularly if Bitcoin enters a sustained rally.
🧭 Final Thoughts
The rise of Bitcoin Treasury Companies is one of the more unusual market dynamics of the past few years — part branding exercise, part speculative trade, and part ideological statement.
For now, these moves remain high-risk, high-volatility trades, but if timed correctly, they can offer exceptional returns. The key is to catch them early — before the capital raise, before the hype, and ideally before the pivot is fully announced.
Personally, I’ll be watching the smaller end of the Aquis and AIM markets, where corporate disclosures can sometimes telegraph strategy shifts a few steps ahead. The model is far from sustainable in every case — but it doesn’t need to be. It just needs to move.