Webinar Recap: The New Era of Digital Asset Treasury Strategies

At the recent ICR Spotlight Series webinar, leaders from four companies at the forefront of blockchain and capital markets came together to discuss the growing wave of digital asset treasury strategies executed through public markets:

• David Bailey, CEO of Nakamoto Holdings (NASDAQ: NAKA) and BTC Inc.
• Leah Wald, CEO of SOL Strategies (OTC: CYFRF)
• Brian Rudick, Chief Strategy Officer at Upexi (NASDAQ: UPXI)
• John D’Agostini, Co-Head of Investment Banking at Clear Street

Moderated by ICR’s John Ragozzino, the session unpacked the mechanics, motivations and market forces driving this new strategy among public companies. Each panelist brought a unique lens, but a common narrative emerged: digital asset strategies are no longer fringe experiments. They are becoming defining features of forward-looking public companies.

From Speculation to Strategy

The conversation opened with a look back to 2020, when MicroStrategy catalyzed a new wave of capital allocation by allocating a portion of its corporate treasury to Bitcoin. That playbook has since evolved, with firms now purpose-building their public equity strategies around digital assets.

Leah Wald, CEO of SOL Strategies, traced the path from Bitcoin-centric holdings to broader blockchain-native strategies, noting that today's treasury models go beyond holding assets to include validator participation, staking and yield generation. "What began as speculative has become strategic," she said, framing the shift as a response to both macroeconomic tailwinds and maturing blockchain infrastructure.

Brian Rudick, Chief Strategy Officer at Upexi, emphasized the differentiation between companies that passively hold tokens versus those who engage in core strategy execution. "We raise capital specifically to acquire and deploy digital assets," he noted, "which makes our treasury not just a line item but a revenue engine."

Capital Markets: Fuel for the Flywheel

All panelists agreed that access to public markets plays a central role in scaling digital asset balance sheet strategies. Whether through common equity, convertibles or preferred shares, these firms are building capital stacks designed to tap into NAV dynamics and fund crypto acquisition in accretive ways.

John D’Agostini, Co-Head of Investment Banking at Clear Street, discussed how companies can take advantage of NAV premiums to issue equity above book, buy assets and increase per-share holdings. In a downturn, the strategy flips: buybacks at a discount effectively let the company accumulate digital assets below spot.

David Bailey, CEO of Nakamoto Holdings and BTC Inc., shared that Nakamoto Holdings raised over $700 million through various instruments, using the proceeds to build out a globally distributed model. "We think of this as a global arbitrage opportunity — to bring hometown crypto heroes to every market," he said.

Solana vs. Bitcoin: Two Models, Same Goal

While united in their use of blockchain-native assets, the panel split between Bitcoin-focused and Solana-focused strategies.

Nakamoto is laser-focused on Bitcoin, citing its scarcity, liquidity and regulatory clarity. "Our goal is to accumulate as much Bitcoin as possible through public market structures, in as many geographies as possible," Bailey explained. The firm treats Bitcoin as inventory, not just an investment, actively re-deploying it across related vehicles.

SOL Strategies and Upexi, by contrast, operate on Solana and use staking infrastructure to turn token holdings into revenue-generating assets. Wald described SOL Strategies as a technology company first: "Our validator network gives us yield and scale. The more SOL we accumulate, the more productive our business becomes."

Rudick added that Solana’s smaller market cap offers greater upside potential, especially when paired with discounted token purchases and productive staking strategies.

Risk, Hedging and Market Discipline

Of course, crypto is still volatile. The panel discussed how risk mitigation has evolved along with strategy sophistication.

Rudick pointed out that strategies can pause during bear markets but don’t break. For instance, MicroStrategy still increased its Bitcoin-per-share holdings even during downturns, albeit more slowly.

D’Agostini noted that companies today are actively managing these risks with hedging tools, diversified custodians and structured flexibility. Convertible arbitrage funds are already taking notice, attracted by the ability to hedge both NAV and volatility.

Bailey emphasized the difference between legacy crypto products like GBTC and today’s treasury firms: "We can buy back our shares when they trade at a discount. We’re operating companies, not closed-end trusts."

Going Global: Local Markets, Global Assets

Nakamoto’s global strategy sparked strong interest during the discussion. The company has launched or seeded vehicles in Japan, the UK and soon, emerging markets like Ghana and South Africa.

Each of these entities taps into domestic capital pools and regulatory frameworks while offering exposure to Bitcoin — an asset often otherwise inaccessible in those regions.

Bailey described how vehicles like MetaPlanet (Japan) and Smarter Web (UK) are attracting significant local investor interest and inflows. "These companies become hometown heroes," he said. "They access passive capital in a way global funds often can’t."

Tokenized Equity on Solana: A First Mover Advantage

Looking ahead, SOL Strategies is preparing to tokenize its common equity on the Solana blockchain through a partnership with SuperStake. The move would make it one of the first public companies to do so, representing a major milestone in on-chain financial infrastructure.

Wald explained that this isn’t a derivative or wrapped share — it’s the actual common stock, with full voting rights and access to DeFi protocols. She described it as a breakthrough for capital efficiency and investor access: "We’re marrying TradFi and DeFi in a way that benefits both sides."

Institutional Appetite Is Growing

While crypto-native capital remains important, traditional institutional investors are entering the space. Rudick noted that many large funds are warming up to NAV-arb structures, particularly when backed by trusted assets like Bitcoin or SOL.

I added that we’re seeing rising interest from long-only asset managers, convertible desks and sovereign wealth funds looking for smart exposure to blockchain strategies.

Bailey confirmed the trend, citing engagement with major capital allocators. "We’re talking to sovereigns who want exposure to Bitcoin through structures that fit their mandates. Treasury companies are becoming that vehicle."

Final Thoughts: What Comes Next

As digital asset strategies mature, they’re not just entering public markets — they’re reshaping them. These firms are pioneering a new hybrid category: operating companies with blockchain-native balance sheets, full transparency and global capital reach.

Whether focused on Bitcoin accumulation or staking-based yield, the key ingredients are clarity of strategy, access to capital markets and disciplined execution.

From Clear Street’s perspective, this is the beginning of a durable market shift. As infrastructure, regulation and capital flows align, crypto treasury strategies are spurring on the next wave of engagement and mutual adoption between crypto-native and established strategies. Over the long term, this will bring greater liquidity, stability and transparency to all corners of the capital markets.

If you're exploring a digital asset treasury strategy, preparing to go public or looking to raise capital with a blockchain-aligned model, via the form below. The Clear Street team is here to help you execute with confidence.