Bitcoin Treasury Companies Can Outperform BTC as Dollar Debasement Looms

Bitcoin treasury companies can outperform Bitcoin as an investment if they consistently increase their holdings of BTC per share, according to Matt Cole, CEO of Strive. The model has already withstood a bear market and could benefit from a U.S. debt crisis that puts pressure on the dollar.

Cole disputes the idea that the Bitcoin treasury model failed during the recent downturn. Instead, he argues that weaker companies struggled due to poor timing, unfavorable debt, and unclear strategies. Strive and Strategy are examples of companies that continued to acquire BTC through the bear market, Cole said.

Strive's key metric is not just how much Bitcoin it holds, but whether it can grow its holdings per share. This is similar to how traditional companies command premiums by increasing their underlying value. Cole said Strive's financing model allows it to continue buying BTC while generating a 'Bitcoin yield' for shareholders.

Cole believes that Bitcoin treasury companies can outperform BTC by using favorable financing to acquire more Bitcoin, provided its appreciation exceeds their financing costs. Strive raises capital at around 13% financing costs, meaning Bitcoin gains above that level could create upside beyond simply holding BTC. Cole said Strive has outperformed Bitcoin by over 100% in 2026 while the crypto king remained flat.

Cole's long-term bull case for Bitcoin centers on rising U.S. debt and eventual dollar debasement. He argues that policymakers will either have to tolerate sharply higher Treasury yields or suppress borrowing costs, making the dollar the financial system's 'release valve.'