Management's determination is not faith: the true threshold in the corporate treasury track

Metaplanet CEO Simon Gerovich recently expressed an interesting view: whether a company holds Bitcoin is not primarily about the strength of its “belief” in the asset, but about whether the management team has the resolve. This seemingly simple judgment actually reveals the true logic of the corporate treasury track. In the wave of globalized crypto assets, why are so few companies actually adopting this strategy? The answer may be more complex than you think.

Belief or resolve, what is the fundamental difference

Simon Gerovich pointed out an overlooked phenomenon: for most companies, Bitcoin has never even entered the management discussion agenda. It’s not that it was debated and then rejected, but that it was never brought up at all. This observation hits hard because it implies that the market’s understanding of corporate holdings could be completely wrong.

The real watershed here is: management teams of companies holding Bitcoin have already crossed a threshold that most companies have never approached. What is this threshold? It’s not about a deep understanding of Bitcoin, nor about recognition of crypto assets, but about the willingness to endure years of market misunderstanding while executing long-term strategies.

In other words, the cost of resolve is invisible. When a CEO announces that Bitcoin will be included in the asset allocation, they face: shareholder skepticism, analyst criticism, ridicule from traditional finance circles, and the psychological pressure of enduring unrealized losses on paper during bear markets. This pressure is not short-term but spans many years.

From reality, this resolve is turning into action

Relevant information provides an interesting corroboration. As of mid-January 2026, the global corporate treasury track shows a clear acceleration trend.

Metaplanet, as Asia’s largest corporate Bitcoin holder, has accumulated 10,044 BTC, with an average purchase price of $92,100 per BTC for the latest batch of 156 coins. This Japanese company demonstrates what “resolve” truly means through concrete action. Meanwhile, the US stock market is also not to be outdone:

• Strategy (MSTR) holds 684,700 BTC, accounting for about 3.2% of the global circulating supply
• Genius Group purchased 350 BTC using oversubscription funds, totaling about $32 million
• LQR House adopts a “mining + holding” hybrid strategy, continuously increasing Bitcoin reserves

This is not just about buying behavior but a concentrated outbreak of strategic choice.

Why is this considered a rare form of resolve

The depth of Simon Gerovich’s insight lies in his recognition of the core paradox in the corporate treasury track:

Short-term vs. long-term conflict. Shareholders care about quarterly financial reports, but Bitcoin allocation is a multi-year strategy. During bear markets, such allocations can directly depress a company’s book value, triggering market criticism. Management needs enough strategic resolve to ignore these short-term noises.

Lag in institutional recognition. Although more and more companies are following suit in holding Bitcoin, traditional financial institutions’ acceptance of this strategy remains limited. Management must have the courage to make the “choice of the minority.”

Tolerance for policy uncertainty. The global regulatory environment is still evolving, and corporate Bitcoin holdings face policy change risks. Only those management teams with a clear understanding of long-term trends dare to bet in such an uncertain environment.

For these reasons, companies truly adopting this strategy remain few. When Simon Gerovich says “not many companies worldwide are adopting this strategy,” he means: it requires not only understanding Bitcoin but also strong execution of corporate strategy and a steadfast commitment to long-term value.

The trend is accelerating, but the threshold remains high

Data from early 2026 shows that the corporate treasury track is accelerating. Metaplanet has surpassed 10,000 BTC, Strategy continues to increase holdings, and emerging companies are following suit. All these indicate that management’s “resolve” is turning into a visible trend.

However, this acceleration also underscores another layer of Simon Gerovich’s point: companies crossing this threshold are gaining increasingly obvious competitive advantages. They are not only accumulating Bitcoin but, more importantly, establishing a “long-term strategic execution” label in the market. This label may be far more attractive to investors and the market than Bitcoin’s appreciation potential itself.

Summary

Simon Gerovich’s perspective reminds us that the decision for a company to hold Bitcoin is fundamentally not an asset allocation issue but a matter of management’s strategic resolve and execution capability. Belief can exist in the short term, but resolve requires years of persistence and endurance. That’s why truly global companies adopting this strategy are still rare, and why those that have crossed this threshold are becoming market focal points. In the future, the competition in this track will not be about the quantity of Bitcoin but about the management’s ability to execute long-term strategies.