A fascinating new trend is emerging among struggling public companies: the pivot from traditional business models to becoming crypto treasury stocks. Taking a page from MicroStrategy’s (now called Strategy) playbook, these firms are repurposing their balance sheets by accumulating digital assets such as Bitcoin, Ethereum, and Solana, often financed through equity issuance.
What makes this trend even more curious is the paradoxical use of massive share repurchase programs alongside aggressive equity raises for crypto accumulation: two strategies that typically run counter to each other.