Bitcoin Treasury: The clearest "arbitrage" opportunity in history?

Analyst and investor Mark Moss believes that Bitcoin treasury companies are preparing for the "largest asset transfer in history." According to him, they are following a sophisticated "strategic playbook" to both extract value and manage volatility. Moss likens it to "using a gas pipeline to fund a future powered by electricity."

Lessons from the early 20th century industry

Moss compares Bitcoin treasury companies – businesses that hold large amounts of Bitcoin and build financial products around it – to factory owners of the early 20th century.

At that time, although the gas system was still useful, many pioneers spent money to install electrical wiring. They were criticized for being wasteful, excessive, and even "foolish." But in reality, they leveraged profits from the old technology (gas) to invest in the new technology (electricity), laying the foundation for an inevitable transition and becoming long-term winners.

Moss emphasized: during the 10–20 year period when old and new technologies coexist, those who operate both systems often gain an advantage. And that is exactly how Bitcoin treasury companies are operating today.

"They do not wait for gas to disappear, but use profits from the traditional debt and equity system to accumulate Bitcoin – turning this into the clearest arbitrage opportunity in history."

Strategic Advantages of Bitcoin Treasury

According to Moss, Bitcoin treasury companies not only own the most scarce asset in the world but also have the ability to issue shares, raise capital, and leverage the unique structure of Bitcoin. This gives them the potential to outperform traditional technology or financial stocks.

He also emphasized that wise operators in this field often combine the strength of the balance sheet with risk management skills, thereby not only withstanding fluctuations but also turning fluctuations into profit opportunities.

The market is still undervalued

Although Moss is very optimistic, the market is not yet ready to share this view. Companies like Strategy are being valued at only 1.6 times the amount of Bitcoin they hold, while the average P/E ratio of the S&P 500 reaches 30 times. This discrepancy is referred to by many experts as "completely irrational."

The paradox becomes more pronounced as Bitcoin just reached a historic peak of over 124,000 USD ( in August 2025, yet the stocks of many Bitcoin treasury companies are almost flat or declining, pressured by over 1 billion USD in leveraged contract liquidations and a net outflow of more than 290 million USD from ETFs.

Instead of being treated like growth stocks, Bitcoin treasury companies are being "punished" by the market with a discount. The question arises: is this just a short-term phenomenon, or is the market missing a historical turning point? Are we "using gas pipelines to nurture an electrified future"?

*Arbitrage opportunity )business price difference( occurs when the same asset is priced differently in two markets or two systems.

→ Investors can buy cheaply in one place and sell at a higher price in another, benefiting from the price difference with almost no risk.

In the case of the Bitcoin treasury, they are leveraging the old financial system )debt, equity, traditional capital flows( to accumulate Bitcoin – an asset of the new system. The difference here is that the market has not yet accurately priced the potential of Bitcoin, creating "the clearest arbitrage opportunity in history" as Mark Moss stated.

Han Xin