Bitcoin Direct Purchase vs. Treasury Stocks: Key Is Per-Share Holdings and Debt Structure

Bitcoin treasury companies can achieve higher returns than Bitcoin itself during bull markets but may amplify losses during downturns, according to a report by CoinTelegraph on September 17 (local time).

As of September 2026, 179 listed companies have included Bitcoin in their financial statements, with similar structures: raising capital through traditional markets to buy Bitcoin and increasing per-share holdings faster than stock dilution to boost shareholder returns.

The issue is that this structure benefits during price surges but burdens during declines. When the equity premium vanishes, fundraising becomes difficult while debt maturities and yield commitments remain. In fact, the market capitalization of the top 50 Bitcoin treasury firms dropped by $83 billion since July 2025.

MetaPlanet's recent shareholder backlash illustrates potential problems from excessive dilution. During bear markets, treasury companies may face higher fundraising needs, increasing dilution pressure on existing shareholders.

StoneX analyst Mark Palmer noted investors should consider 'fully diluted Bitcoin per share' reflecting debt and preferred claims rather than total holdings alone. Companies issuing shares above Bitcoin's value to buy more can increase per-share holdings, but borrowing below that value would decrease them.

Performance gaps were evident among firms. LO:TECH analyst McCarthy explained that during the last bull run, Strategy benefited from Bitcoin's surge to take on new debt and issue more debt, while some followers merely bought Bitcoin expecting price growth without exit strategies for downturns.

Contrary to concerns, Strive CEO Matt Cole claimed his company hasn't sold any Bitcoin, growing holdings fourfold during the bear market while outperforming Bitcoin returns. Nakamoto Chairman David Bailey stated MetaPlanet has been the world's best-performing stock for nearly two years, rising 1300% from inception, with over 40x Bitcoin per share and two major acquisitions.

However, debt maturities and yield obligations will become burdens again over time. Nakamoto shares have fallen 99% from their 2025 peak, similar to Satsuma Technologies in the UK. McCarthy advised allocating most of a $100,000 Bitcoin investment to spot ETFs with some exposure to Strategy for volatility.

Ultimately, investing directly in Bitcoin versus treasury stocks has different characteristics: direct Bitcoin is a bet on price alone, while treasury stocks require evaluating management, capital structure, financial health, and corporate governance alongside Bitcoin holdings.