Companies that add less-performing altcoins to their balance sheets are muddying the broader Treasury narrative, says David Bailey, CEO of Bitcoin Treasury Department Nakamoto.
“The finance company Monica itself is confused,” Bailey said in a X post Sunday.
“The toxic funding has resulted in Altcoins being rebranded as DATS and many companies with no plans or vision have failed too much. It completely disrupts the story,” Bailey said.
David Bailey says the sector is “tested”
Bailey emphasized, “The core strategy is to build a balance sheet and monetize it.”
“If you can do it well, you will grow your assets over time. If you do it well, you will be traded at a discount and consumed by someone who can make it better,” he said.
“The Bitcoin Treasury of the Fiat System is a bank. Today we are building a Bitcoin Bank. If you’re afraid of that semester, call it a Bitcoin financial institution.”
Bailey said the entire Treasury Department is “tested.” His comments are as public companies are beginning to add to the Treasury, beyond Bitcoin (BTC) and beyond the risk curves of other crypto assets. On August 2, it was reported that Mill City Ventures III, registered with NASDAQ, could raise an additional $500 million under a share agreement to fund the recently announced SUI financial strategy.
The narrative-led paper said in a July 31 report that it is pushing companies to expand the Treasury Department beyond Bitcoin. Ether (ETH), Solana (SOL), XRP (XRP), BNB (BNB) and high lipids (hype) are among the cryptocurrencies gaining traction outside of Bitcoin.
According to bitcoin, held at public companies, was around $1179.1 billion at the time of publication.
Ether is staked for annual revenue, and is a valuable storage and source of revenue, thus gaining traction as an alternative. According to StrategiceThreserve, approximately 3.14% of Ether’s total supply is held by publicly registered finance companies.
The growing interest may be the reason for Bitcoin’s sideways price
Galaxy Digital CEO Mike Novogratz said that a treasury company that has expressed interest in the broader crypto market could be the reason for Bitcoin’s horizontal price action recently.
“Now, Bitcoin is integrated, because we see a lot of these finance companies in other coins taking shots,” Novograts said.
Related: The Altseason Index hits the highest level this year: Here’s what traders think
Treasury altcoins are facing some scrutiny, but questions have also been raised about Bitcoin’s Treasury.
Venture capital firm Breed said only a few Bitcoin finance companies will stand the test of time and avoid a vicious “death spiral” that will affect BTC holding companies that approach net asset value (NAV).
magazine: Meet the co-founders of Ethereum and Polkadot, who weren’t Time Magazine
