(Analysis) Quietly, a new balance-sheet model is moving from the United States to Brazil and Japan: companies are turning bitcoin into core collateral and issuing ordinary credit and equity on top.

If it scales, this “Bitcoin treasury” architecture could reset how savings earn yield and how credit is priced—rewiring the system from corporate balance sheets outward.

What a Bitcoin treasury is

A Bitcoin treasury is simple to describe and radical in effect. Step one: raise equity. Step two: buy a large, permanent reserve of bitcoin as the monetary base. Step three: issue familiar instruments—convertible bonds, preferred shares, or short-duration notes—secured by that reserve.

Managed with multi-year maturities and without margin loans, the structure converts “digital gold” into yield and creates “