Holding Bitcoin no longer provides automatic differentiation as dozens of public companies globally now run Bitcoin treasury strategies, ETFs have attracted billions, and El Salvador holds Bitcoin as a sovereign reserve. Simple ownership fails to sustain mNAV premiums; companies unable to compete on size, speed, or scale must assemble alternative sources of firepower or face stalled momentum, fading media cycles, and mNAV approaching or falling below 1. Jurisdiction determines cost of capital, investor base composition, and available corporate instruments and should be treated as a design variable. Markets such as Japan, France, and the U.S. enable distinct capital structures and demand channels that can be tailored to strategy and shareholder mix.
Dozens of public companies across Japan, France, the U.S., the U.K., Sweden, Canada, and Brazil now run Bitcoin treasury strategies. ETFs have captured billions in flows. El Salvador holds it as sovereign reserve. In this environment, "we own Bitcoin" is no longer a differentiator. If a company cannot compete on size, speed, or scale, it must assemble alternative sources of firepower to win over shareholders and maintain its mNAV premium. Without it, momentum stalls, media cycles fade, and mNAV grinds down toward 1-or below.
What it unlocks. In Japan, ultra-low rates and NISA eligibility made zero-coupon, premium-redeemable debt and retail inflows a rational path. In France, PEA-PME turns qualified equities into long-horizon, tax-advantaged vehicles, ideal for controlled floats and large ATMs. In the U.S., fair-value accounting and deep markets enable layered stacks across convertibles, secured bonds, preferreds, and ATMs. Elsewhere (U.K., Sweden, Canada, Brazil), wrappers and local capital habits create distinct demand curves that equities can tap even when local ETF options are limited or structurally different.
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