The Bitcoin Treasury Model Is Shifting. What Does It Mean for MSTR?

The pure-play Bitcoin treasury strategy may be dead. Strategy’s credit model is struggling. Is cash flow the answer?

The Bitcoin treasury model may be… well, quietly changing. 

Many of the pure-play companies are exiting, as recently highlighted by VanEck digital assets research chief Matthew Sigel. The credit model that sector pioneer Strategy has transitioned to is under real strain too. 

List of DATs who have abandoned Bitcoin and crypto accumulation strategies since:

🔴 Full Liquidations / Complete Exits
Satsuma Technology (SATS LN) — Shareholders voted on July 21, 2026 (>>90% approval) to liquid all 668 BTC (~$43.5M), return capital to investors, and delist…

— matthew sigel, recovering CFA (@matthew_sigel) July 23, 2026

Against this backdrop, a new model may be emerging, one based on cash flow. The first signal of this was the announcement of Orange Juice, a proposed “permanent capital company backed by a Bitcoin treasury” with names such as Lyn Alden and Jeff Booth among the founders. 

Roughly one week after Orange Juice’s announcement, Tether-backed Twenty One Capital, alongside disclosure of an executive shake-up, detailed a reworked strategy that bore an eerie resemblance to Orange Juice’s proposed plan.

“Two successor models are emerging from the pure-play’s shell, and they are opposites of each other,” Global Head of Onramp Institutional Glenn Cameron told Unchained, referring to Strategy’s credit model and the permanent capital model.

Which model will prove superior? What does the competition mean for MSTR?

In this issue, subscribers get:

• • An autopsy of the pure-play Bitcoin treasury model. Where did the premium go?
  • A look at Strategy’s credit model and why the flywheel is now working in reverse
  • What the cash flow model promises. How practical is the Berkshire Hathaway of Bitcoin ambition?
  • What the competition means for Strategy. Why its edge must go beyond size alone

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