Bitcoin treasury companies are increasingly being likened to traditional infrastructure firms, as they lay the groundwork for a digital financial future. Mark Moss, a Bitcoin analyst and investor, argues that these companies are leveraging their large Bitcoin holdings to capture value during a historic transition, effectively using today’s “gas pipes” to fund what he calls the “electric future” of digital assets [1]. The analogy draws a parallel between 1910s-era factory owners who installed electric infrastructure despite reliance on gas and today’s corporations that are positioning Bitcoin as a long-term asset and financial tool [2].
Moss highlights the strategic advantage of Bitcoin treasury companies, which are able to maintain profits from existing systems while investing in Bitcoin’s potential. These firms are seen as arbitrageurs, exploiting the gap between traditional markets and the digital asset space. Their ability to issue equity, raise capital, and manage risk in a volatile environment is a key differentiator, setting them apart from traditional tech or financial stocks [1].
Some of these companies are already making strategic moves. For example, LM Funding America reported holding 155.5 Bitcoin as of June 30, 2025, valued at $16.7 million [3]. Meanwhile, KindlyMD recently closed a $200 million convertible note offering, a portion of which is earmarked for Bitcoin purchases [4]. These actions signal a broader trend of corporate adoption, where Bitcoin is no longer just a speculative asset but a core component of financial planning.
The analogy of using “gas pipes” to fund an “electric future” also reflects a larger shift in how value is being managed. Much like traditional pipeline companies that supported industrial growth through energy logistics, Bitcoin treasury companies are facilitating value transfer in the digital age—via decentralized networks, smart contracts, and tokenized assets [6]. This evolution underscores a move toward decentralized finance (DeFi), where Bitcoin plays an infrastructure role rather than just an investment one.
Despite the growing institutional interest, the market remains cautious. Bitcoin treasury stocks are trading at a significant discount to traditional benchmarks. For example, some companies are valued at just 1.6x their Bitcoin holdings, far below the S&P 500’s average 30x price-to-earnings ratio [1]. This discrepancy raises questions about whether the market is mispricing innovation or simply reacting to the current volatility in the crypto space.
Bitcoin’s record high above $124,000 as of August 2025 has not translated to strong performance for all Bitcoin treasury stocks. Some remain flat or even down, amid $1 billion in leveraged liquidations and more than $290 million in ETF outflows [1]. This divergence between asset prices and stock valuations highlights the complexities of managing a portfolio that spans both traditional and digital assets.
While the full impact of Bitcoin treasuries on the broader economy remains uncertain, one thing is clear: these companies are no longer on the fringes of the financial system. They are becoming central to the infrastructure of the digital economy, redefining how value is stored, transferred, and invested in the 21st century [1].
Sources:
[1] Mark Moss, “Bitcoin treasury companies are ‘using gas pipes to fund your electric future’,” CryptoSlate, August 1, 2025. https://cryptoslate.com/bitcoin-treasury-companies-are-using-gas-pipes-to-fund-your-electric-future-analyst/
[2] Mark Moss, “Bitcoin treasury companies are positioning themselves for history’s biggest wealth transfer,” CoinLive, June 23, 2025. https://www.coinlive.com/en/news-flash/872671
[3] LM Funding America, “LM Funding America Swings to Q2 Profit,” AOL.com, August 4, 2025. https://www.aol.com/finance/lm-funding-america-swings-q2-175725411.html
[4] KindlyMD, “KindlyMD closes $200 million convertible note offering for Bitcoin purchases,” Investing.com, August 16, 2025. https://ng.investing.com/news/company-news/kindlymd-closes-200-million-convertible-note-offering-for-bitcoin-purchases-93CH-2067576
[6] Yahoo Finance, “Pipeline Construction Market Share, and Growth Analysis by 2025,” Yahoo, August 16, 2025. https://uk.finance.yahoo.com/news/pipeline-construction-market-share-growth-122900553.html
