Bitcoin (CRYPTO: BTC) treasury companies can outperform the underlying asset if they consistently increase BTC per share, Strive CEO Matt Cole says.
He argued the model survived the bear market and could benefit from a U.S. debt crisis that ultimately puts pressure on the dollar.
How the BTC Treasury Model ‘Never Broke‘
Cole pushed back against the idea that the Bitcoin treasury model failed during the recent bear market.
"I don’t think it ever broke,” Cole told Bloomberg Crypto in an interview on Sep.23.
He pointed to Strive (NASDAQ:ASST) and Strategy (NASDAQ:MSTR) as examples of companies that continued acquiring Bitcoin through the downturn.
Cole said weaker Bitcoin treasury companies struggled due to poor timing, unfavorable debt and unclear strategies. The recovery could separate stronger operators from those likely to fail.
Strive’s key metric isn’t simply how much Bitcoin it holds, but whether it can grow BTC per share, 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 what he described as a "Bitcoin yield" for shareholders.
Can Treasury Companies Outperform Bitcoin?
Cole argued that Bitcoin treasury companies can outperform BTC by using favorable financing to acquire more Bitcoin, provided BTC appreciation exceeds their financing costs.
Strive raises capital at roughly 13% financing costs, meaning Bitcoin gains above that level could create upside beyond simply holding BTC.
He said Strive has outperformed Bitcoin by more than 100% in 2026 while the crypto king remained flat. However, he stressed that sustaining its acquisition strategy matters more than past returns.
Strive’s base case assumes Bitcoin compounds 50% annually through 2030, putting BTC near $500,000, supported by historical cycle performance and Cole’s macro-outlook.
How U.S. Debt Fuels Bitcoin’s Bull Case
Cole’s long-term Bitcoin bull case centers on rising U.S. debt and eventual dollar debasement.
"We are perpetual bulls because we think the U.S. government will not fix the debt crisis until something breaks," he said and that is "dollar."
He argues policymakers will either have to tolerate sharply higher Treasury yields or suppress borrowing costs, making the dollar the financial system’s "release valve."
In that scenario, Cole expects Bitcoin to appreciate substantially against the dollar while also increasing its real purchasing power.
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