Bitcoin analyst and investor Mark Moss argues that Bitcoin treasury companies are positioning themselves for history’s biggest wealth transfer, following a sophisticated playbook for capturing value and managing volatility. In other words: “using gas pipes to fund your electric future.”
Bitcoin treasury companies: history’s most obvious abritrage
He compares Bitcoin treasury companies (firms holding large bitcoin balances and building financial products around them) to smart factory owners of the 1910s, who installed electric wires despite having working gas pipes.
While most people thought they were wasting money and called their approach foolish, these owners were able to leverage existing infrastructure to pay for future needs.
When old technology and new technology exist simultaneously over a 10-20 year window, Moss argues that those running both systems, like Bitcoin treasury companies, emerge victorious:
“These factories didn’t wait for gas to disappear. They used profits from gas-powered production to install electric infrastructure. They looked inefficient. Redundant. Stupid. They were actually positioning for the most obvious transition in history.”
That’s exactly what corporations like Strategy are doing: extracting value from the existing system of debt and equity and transferring it into the new system: Bitcoin.
“Bitcoin treasury companies are doing the EXACT same thing… running history’s most obvious arbitrage.”
Moss highlights the strategic flexibility of Bitcoin treasury companies to issue equity, raise capital, and leverage structural advantages unique to this asset class, positioning them for gains far beyond traditional tech or financial stocks.
He points out that savvy operators in this sector blend balance sheet strength with deep risk management, making them well-equipped to weather volatility and even exploit it for outsized performance.
Market sentiment remains cautious
Despite Moss’s bullish stance, market sentiment remains wary. Bitcoin treasury companies like Strategy are trading at just a 1.6x multiple on their Bitcoin holdings, a stark contrast to the S&P 500’s average price-to-earnings ratio, which sits at 30x. The gap is so pronounced that it defies conventional logic, as The Bitcoin Therapist pointed out:
“Not a f**king chance. Market is wrong.”
Recent price action only exacerbates these tensions. As of August 2025, Bitcoin hit a record high above $124,000, yet many Bitcoin treasury stocks failed to keep pace, with some trading flat or down amid $1 billion in leveraged liquidations and more than $290 million in ETF outflows.
The market’s apparent mispricing, punishing innovation with discount multiples, stands in sharp contradiction with the risk appetite normally seen for tech and growth stocks. Is the spread temporary, or is the market missing the forest for the trees? Relying on gas pipes to fuel an electric future?