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There is no single count for bitcoin treasury companies. The answer depends on how you define a treasury company and what entities you include.
Bitcoin treasury companies make money through asset appreciation, financing strategy, and operating cash flow, not from holding BTC alone.
Bitcoin treasury companies grow market cap through per-share BTC exposure, financing terms, market premiums, and disciplined execution.
Bitcoin treasury means holding bitcoin as a reserve asset within a formal asset management plan, often by companies and institutions.
