Publicly listed Bitcoin (CRYPTO: BTC) treasury companies are no longer just passive holders of BTC. A new financial model, leveraging traditional capital markets tools like share issuance and fixed-income debt, is enabling these firms to outperform Bitcoin itself in BTC terms. At the core of this model is a focus on growing the Bitcoin-per-share (BPS) ratio. Rather than simply tracking Bitcoin’s price, these companies aim to accumulate more BTC per outstanding share over time. The result is a gr
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