CoinDesk Podcast Network Blockspace Podcast: Why Most Bitcoin Treasury Companies Are Struggling — and the One That's Getting It Right
Nov 26, 2025
Matt Cole, Chairman and CEO of Strive, a Bitcoin treasury company and asset manager, dives into the challenges and strategies of corporate Bitcoin treasuries. He highlights Strive's structural edge, allowing for amplified Bitcoin exposure through preferred equity. With expectations of 30% annual returns, he discusses the normalcy of volatility and why capital gains taxes hinder Bitcoin's role as actual money in the U.S. Matt emphasizes the need for Wall Street to innovate in Bitcoin credit ratings, making a strong case for a bullish future.
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Personal Journey Into Bitcoin Treasury
- Matt Cole kept nearly his entire net worth in Bitcoin since 2016–2017 and pivoted Strive from anti-ESG asset management to Bitcoin treasury strategies.
- Conversations with Michael Saylor helped convince them to amplify corporate Bitcoin exposure.
Premium Comes From Structural Rarity
- A Bitcoin treasury company's premium depends on structural uniqueness and non-replicable capital structure.
- Strive's preferred-equity amplification and no debt make its risk profile distinct and premium-worthy.
Value Using Your Bitcoin Return Assumptions
- Evaluate treasury companies by modeling your own Bitcoin return assumptions (Bitcoin Factor) before valuing amplified exposure.
- Expect firms to trade at discounts to potential future value; price accordingly as an investor.