{"id":7457,"date":"2025-09-05T00:23:10","date_gmt":"2025-09-05T00:23:10","guid":{"rendered":"https:\/\/baiwp.com\/asia-morning-briefing-just-buy-a-bitcoin-etf-btc-treasury-model-faces-reality-check\/"},"modified":"2025-09-05T00:23:10","modified_gmt":"2025-09-05T00:23:10","slug":"asia-morning-briefing-just-buy-a-bitcoin-etf-btc-treasury-model-faces-reality-check","status":"publish","type":"post","link":"https:\/\/baiwp.com\/ar\/asia-morning-briefing-just-buy-a-bitcoin-etf-btc-treasury-model-faces-reality-check\/","title":{"rendered":"Asia Morning Briefing: \u2018Just Buy a Bitcoin ETF\u2019 \u2014 BTC Treasury Model Faces Reality Check"},"content":{"rendered":"

Good Morning, Asia. Here’s what’s making news in the markets:<\/strong><\/h2>\n

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.<\/a><\/em><\/p>\n

Bitcoin treasury companies are facing a simple but brutal test: can they outperform BTC itself, or should investors skip them and buy the asset outright?<\/p>\n

\u201cIf you aren\u2019t doing that, there\u2019s no reason to do the strategies, just buy a Bitcoin ETF,\u201d said Matt Cole, CEO of Strive Asset Management, during a panel at BTC Asia in Hong Kong.<\/p>\n

Cole might be best known for being a staunch advocate of GameStop (GME) putting BTC on its balance sheet.<\/a><\/p>\n

On stage, Cole described the playbook as a search for alpha, finding ways to outperform BTC without simply piling on bitcoin-specific risk. Cole explained that this comes down to financing, where he pointed to a shift from convertibles to perpetual preferred equity as a way to lock in leverage.<\/p>\n

He added that the hardest milestone is scale: reaching $1 billion in capital, the point where financing becomes cheap enough to support IPOs and bigger teams.<\/p>\n

\u201cThe hardest thing to do for bitcoin treasury companies is getting to a billion dollars,\u201d he said, citing MicroStrategy\u2019s Michael Saylor.<\/p>\n

That scale, Cole stressed, only works with bitcoin. Ethereum and other tokens, he said, act too much like equities with shifting monetary policies.<\/p>\n

\u201cEthereum makes for a horrible asset for a treasury company,\u201d Cole said. \u201cBitcoin perpetually goes up versus fiat currencies because they\u2019re being debased.\u201d<\/p>\n

In his view, BTC’s fixed supply makes it the only asset capable of supporting a levered treasury strategy designed to compound over time.<\/p>\n

Andrew Webley of The Smarter Web Company, a publicly listed U.K. web designer with BTC on the balance sheet, struck a more measured tone regarding market NAV, Bitcoin yield versus dilution, and company size.<\/p>\n

Smaller firms, he said, have an advantage in raising capital, but transparency and clear risk communication remain just as important as the math.<\/p>\n

\u201cThe most important thing that you can do as a public company, in my opinion, is to publish our rules first,\u201d Webley said, adding that clear disclosure helps investors understand the trade-offs of a BTC treasury model.<\/p>\n

\u201cIf somebody can understand the risks, then in our opinion these things are the very best value opportunities in the whole world,\u201d he added.<\/p>\n

The split underscored the choice facing investors: invest in firms pursuing aggressive strategies to outperform BTC or favor companies that promise steady growth with clear transparency.<\/p>\n

Either way, panelists agreed that bitcoin\u2019s role as a treasury asset is only expanding as fiat continues to be debased.<\/p>\n

Market Movement:<\/strong><\/h2>\n

BTC:<\/strong> Bitcoin is trading above $110,500, trading slightly lower following a minor pullback, though signs of accumulation, such as resilient demand near key support, suggest market participants remain bullish on its next breakout, according to CoinDesk’s market insights bot.<\/p>\n

ETH: <\/strong>ETH is trading at $4300, down 0.6%. ETH continues to benefit from strong institutional interest and ETF inflows, which support its longer-term structural upside.<\/p>\n

Gold: <\/strong>Gold continues to trade near record highs supported by rate\u2011cut expectations and increasing safe-haven demand, though it saw a slight pullback amid profit\u2011taking.<\/p>\n

Nikkei 225: <\/strong>Japan’s largest index continues to rally, buoyed by a combination of strong foreign buying, driven by the country’s shift away from long\u2011term stimulus, corporate reforms, and rising yields, and dovish monetary cues from the U.S., boosting global equity sentiment.<\/p>\n

S&P 500: <\/strong>The S&P 500 rose 0.83% to a record 6,502.08 as traders shrugged off weak private jobs data while awaiting Friday\u2019s employment report for clues on rate-cut prospects and recession risks.<\/p>\n

Elsewhere in Crypto:<\/strong><\/h2>\n