Bitcoin treasury companies are making strategic moves to position themselves for what Bitcoin analyst and investor Mark Moss calls history’s biggest wealth transfer. Moss argues that these companies are following a sophisticated playbook to capture value and manage volatility, akin to using gas pipes to fund an electric future.
Drawing parallels to smart factory owners in the 1910s who installed electric wires alongside existing gas pipes, Moss highlights how these owners leveraged old infrastructure to pay for future needs. Despite appearing inefficient and redundant at the time, these forward-thinking owners were actually positioning themselves for a significant transition.
In the same vein, Bitcoin treasury companies like Strategy are extracting value from the traditional system of debt and equity and transferring it into the new system of Bitcoin. By issuing equity, raising capital, and leveraging unique structural advantages of this asset class, these companies are poised for gains beyond what traditional tech or financial stocks can offer.
Moss emphasizes the importance of blending balance sheet strength with deep risk management in this sector. This strategic approach equips these companies to not only weather volatility but also potentially exploit it for outsized performance.
However, despite Moss’s bullish outlook, market sentiment remains cautious. Bitcoin treasury companies are currently trading at a 1.6x multiple on their Bitcoin holdings, a stark comparison to the S&P 500’s average price-to-earnings ratio of 30x. This significant gap challenges conventional logic and has led to skepticism among some market observers.
Recent price action in the market has only exacerbated these tensions. While Bitcoin reached a record high above $124,000 in August 2025, many Bitcoin treasury stocks failed to keep pace. Some even traded flat or down amidst leveraged liquidations and ETF outflows.
The apparent mispricing in the market, where innovation is being punished with discount multiples, contradicts the risk appetite typically seen for tech and growth stocks. The question remains: is this spread temporary, or is the market failing to see the bigger picture by relying on outdated methods to fuel a future driven by Bitcoin?
As Bitcoin continues to gain traction and reshape the financial landscape, Bitcoin treasury companies are at the forefront of this evolution. Their strategic positioning and ability to navigate volatility will be key factors in determining their success in capturing value and participating in history’s biggest wealth transfer.