Analysis of Digital Asset Treasury Strategies and Their Impact on BTC/ETH

Since a certain technology company implemented its Bitcoin strategy in 2020, its stock price has soared from $13 to $455, an astonishing increase. This raises a key question: was it the rise in token prices or the digital asset reserve strategy that led to such a significant increase in stock price?

In-depth analysis reveals that the company's stock price has increased by 35 times:

• 11 times comes from the price of BTC rising from 11,000 USD to 118,000 USD
• 25x originates from the treasury strategy it adopts, which increases the number of BTC held per share.

Clearly, the treasury strategy has a far greater impact on stock prices than the rise in the token price itself.

The company increases the number of tokens held per share by the following methods:

• Issuing new shares when the market value of the stock exceeds the net asset value.
• Use token price fluctuations to reduce borrowing costs and increase investment returns.
• Use convertible bonds and preferred stocks to limit equity dilution

It is worth noting that the volatility of Ethereum is higher than that of Bitcoin, so the impact of this strategy on Ethereum reserves may be more significant.

Another company, Bitmine, announced its Ethereum treasury strategy on June 30, 2025, and completed the transaction on July 9. Comparing the performance of the two companies in the early stages of strategy implementation:

• Bitmine acquired $1 billion worth of ETH within 7 days.
• The former only acquired $250 million worth of BTC in the same time frame.

This case shows that purchasing tokens can not only increase the company's assets but also significantly enhance the per-share token holding, thereby having a positive impact on the stock price.

Overall, the digital asset treasury strategy is not only a way of asset allocation but also a strategic decision that can significantly influence company valuation and stock price performance. As more companies begin to explore this field, we may see more innovative financial management methods emerge.