Bitcoin analyst and investor Mark Moss believes corporations holding large Bitcoin balances are positioning themselves for one of the biggest wealth transfers in modern history.
Speaking on the future of Bitcoin treasury companies, Moss compared their strategy to industrial pioneers who adapted to technological revolutions more than a century ago.
Gas Pipes Funding the Electric Future
Moss drew parallels between Bitcoin treasury companies and early 20th-century factory owners who continued running gas-powered production lines while quietly investing in electric infrastructure.
Moss pointed out that early factory owners in the 1910s didn’t abandon gas immediately but instead used profits from gas-powered production to fund the installation of electric infrastructure. At the time, their approach looked wasteful and redundant, but in reality, they were positioning themselves ahead of what would become one of the most obvious technological transitions in history.
According to Moss, Bitcoin treasury companies are doing the same thing today — extracting value from the current system of debt and equity to build long-term exposure to Bitcoin. He called it “history’s most obvious arbitrage.”
Strategic Advantages Over Traditional Firms
Unlike standard corporations, Bitcoin treasury companies can raise capital, issue equity, and deploy balance sheet strategies uniquely suited to Bitcoin’s volatility. Moss argues this flexibility enables them not only to withstand turbulence but also to exploit it for outsized gains. In his view, the sector blends traditional financial discipline with the disruptive upside of digital assets, setting the stage for performance far beyond conventional tech or financial stocks.
Market Discounts Persist
Despite Moss’s bullish framing, market sentiment is still cautious. Companies like Strategy are trading at just a 1.6x multiple on their Bitcoin holdings — a massive discount compared to the S&P 500’s average price-to-earnings ratio of 30x. Commenting on the apparent undervaluation, The Bitcoin Therapist remarked bluntly: “Not a f**king chance. Market is wrong.”
Recent price action underscores the disconnect. Even as Bitcoin hit new highs above $124,000 in August 2025, Bitcoin treasury stocks lagged behind, with some trading flat or lower. Heavy liquidations, totaling over $1 billion, and $290 million in ETF outflows weighed on sentiment.
The Big Question: Mispricing or Market Reality?
The market’s reluctance to reward Bitcoin treasuries with growth multiples raises a crucial question: are investors mispricing the sector, or are they recognizing risks that Bitcoin advocates downplay? Moss insists the companies are following a playbook proven across history — using today’s infrastructure to fund tomorrow’s transformation. Whether the market agrees remains to be seen.
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Source: https://coindoo.com/why-bitcoin-treasury-companies-could-outperform-tech-stocks-according-to-analyst/