My question arises when companies decide to diversify into additional "business" models that clearly have some risk considerations, such as buying bitcoin, what about the current performance of the core business? I think if an IPO is simply used to avoid fundamental issues, it's more like shifting the problem to the future.
They shifted because they already have fundamental core issue which is stagnating growth, the same exact reason Microstrategy software business is stagnating and the company only getting better after incorporating BTC business model. Needless to say companies are clearly thinking that holding BTC will give them some kind of solution for rapid company growth and bring in another revenue stream.
Bitcoin treasury strategy will only be strong if it is a capital allocation decision for healthy business. If any company use Bitcoin as growth engine to cover up stagnation in its core business then that is not strength at all.
About Strategy it is ok, but it would be wrong to make Strategy’s case as universal template. Strategy has effectively transformed itself from start into leveraged Bitcoin holding company. Most listed companies do not have capital market access or investor confidence to follow that model.
