How to Front-Run the Next Bitcoin Boom—Without Ever Owning Bitcoin
Welcome to the Bitcoin Treasury Boom.
Let’s be honest.
We all had the chance to buy bitcoin at $10. Most of us didn’t.
And now?
Bitcoin has become Wall Street’s favorite rollercoaster. It’s loved, hated, misunderstood.
Yet, once again, it’s surging.
The irony?
The biggest gains from the next Bitcoin bull market may not come from the coin itself.
Instead, they may come from a new breed of companies.
These are companies that are quietly transforming their corporate balance sheets into digital gold vaults.
MicroStrategy: The “Bitcoin Black Hole” That Changed Everything
In 2020, Michael Saylor did the insane.
He took the cash from MicroStrategy's balance sheet and bought Bitcoin.
Then he issued debt and equity … and bought more and more bitcoin.
Today, MicroStrategy—now rebranded as Strategy (ticker: $MSTR)—holds over 555,000 bitcoins.
That’s more than any public company on Earth.
The result?
Strategy’s stock has surged over 1,100%. It’s even outperformed bitcoin itself.
Saylor oversaw the birth of a new capital allocation model: use cheap, depreciating fiat to buy hard, appreciating assets.
He then let the stock price ride the narrative.
In essence, Saylor turned a sleepy software firm into a leveraged bitcoin ETF with equity upside.
Wall Street scoffed. As did I.
Then it watched the stock turn into a 10-bagger.
The result?
The copycats are coming as skeptics throw in the towel.
The New Copycat Class: Bitcoin Treasuries Go Global
Call it the Saylor Effect.
Around the globe, a wave of companies are adopting the same Strategy. And watching their stock prices melt up.
Some examples:
Metaplanet (Tokyo) – Up 7,000% year-to-date. Once a pandemic-battered hotel play, it is now a Bitcoin vault.
Semler Scientific (Nasdaq: SMLR) – A forgotten medical device firm turned digital hard-money accumulator. Holds 3,800+ BTC.
GameStop (NYSE: GME) – The meme stock of meme stocks. With $1.5B raised, bitcoin has its new mission.
In London, tiny SWC—a microcap with just £5M in bitcoin—trades at a £175M valuation. That’s a 34x premium based purely on the Bitcoin narrative.
These companies aren’t being valued by profits.
They’re being valued by bitcoin per share.
Why This Matters: A Smarter Way to Ride the Bitcoin Wave
Buying Bitcoin directly comes with baggage: wallets, exchanges, private keys, and regulatory headaches.
But buying Bitcoin treasury stocks?
It’s listed and liquid.
No wallets. No passwords. No stress.
And most important: built-in leverage and narrative upside.
This is particularly valuable in markets like the UK, Japan, or Canada, where buying crypto directly is often a bureaucratic nightmare.
In other words, buy the stock and skip the crypto circus.
The Metric That Matters: mNAV
So, how do you know if a Bitcoin treasury stock is cheap or expensive?
Here’s a model I picked up from fellow substacker Dominic Frisby.
Enter: modified Net Asset Value, or mNAV.
mNAV = Market Cap ÷ Value of Bitcoin Held
Here’s a snapshot:
Strategy (MSTR) – $100B market cap ÷ $50B in BTC = mNAV of 2
Semler Scientific (SMLR) – $500M ÷ $400M = mNAV of 1.25
SWC (London) – £175M ÷ £5M = mNAV of 35(!)
But this is just one dimension.
You also need to ask: How quickly is the company acquiring more bitcoin?
That’s where Bitcoin Yield comes in: BTC added annually ÷ market cap.
It gives you a roadmap for how quickly the company can “grow into” its premium.
Example:
· Strategy: 16% yield = ~19 months to earn back its mNAV
· Semler: 56% yield = ~5 months
A high mNAV with a low yield? Avoid.
A high mNAV with accelerating yield? Jackpot.
Where to Look: 6 Names Worth Watching
Here are some public companies leading the Bitcoin balance sheet charge:
Strategy ($MSTR) – The godfather. Pricey but highly liquid.
Semler Scientific (SMLR) – High yield, attractive mNAV, and recent momentum.
Nuvee Holding (NVVE) – James Altucher led a project that is raising money now. Volatile and illiquid. A bet on a diverse basket of crypto.
GameStop (GME) – The ultimate meme meets macro. Still a rumor—but with $1.5B on the books, it could turn real fast.
Coinsilium (AQSE: COIN) – A UK microcap aiming to replicate the Saylor playbook.
Sol Strategies (Canada) – Same thesis, but with Solana instead of Bitcoin. A wild card.
The Bigger Idea: The New Capital Allocation Playbook
This isn’t just a gimmick. It’s a new paradigm in capital allocation.
For decades, CEOs raised capital to build factories, hire staff, and grow revenue.
Now?
They raise capital to buy crypto.
The reward? A surging share price.
And a virtuous cycle:
Buy BTC → Stock goes up → Raise capital → Buy more BTC → Repeat
On its face, this sounds absurd.
Today’s Ponzi scheme.
And it kind of is.
But remember: we once scoffed at tech firms raising billions to acquire users with no revenue.
This is the same play—just optimized for a world of digital scarcity and monetary debasement.
Don’t Just Buy Bitcoin—Buy the Future of Bitcoin
There are now over 70 companies globally adopting some version of the Bitcoin treasury model.
That number is rising.
And as institutional capital begins to sniff out this trend, we’ll see mNAV premiums explode—along with the stocks riding the wave.
Your edge?
Understand the model.
Track the mNAV.
Spot the yield.
Front-run the next wave.
And remember: you don't have to own Bitcoin to win from Bitcoin.
You just need to own the companies front-running the future.
I’m placing a small bet on Altucher’s project, Nuvve (NVVE). But there are plenty of others.
May good fortune be with you.