The Era of Easy Differentiation Is Over

There was a time when holding Bitcoin was enough. Strategy (formerly MicroStrategy) proved it in 2020—simply moving idle cash into Bitcoin electrified markets, drove premiums above NAV, and rewrote corporate playbooks. But five years later, the battlefield has changed.

Dozens of public companies across Japan, France, the U.S., the U.K., Sweden, Canada, and Brazil now run Bitcoin treasury strategies. ETFs have captured billions in flows. El Salvador holds it as sovereign reserve. In this environment, “we own Bitcoin” is no longer a differentiator.

If a company cannot compete on size, speed, or scale, it must assemble alternative sources of…

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