American Bitcoin CEO Michael Ho said at a roundtable during Bitcoin Asia 2026 in Hong Kong that the only advantage of buying an actively managed Bitcoin treasury company over spot Bitcoin or an ETF is the bet that management can increase Bitcoin held per share for investors. Using ABTC and other companies discussed at the event as examples, Ho said the key question is whether Bitcoin per share can rise quarter after quarter, a result that depends on management decisions and capital allocation. Ho also described ASIC mining machines as hard-asset infrastructure for producing Bitcoin, saying the company’s approach is to use existing Bitcoin reserves to run miners and generate Bitcoin-denominated returns on Bitcoin. At the same session, Treasury founder and CEO Khing Oei said his company is working with an investment bank to identify treasury companies that trade below net asset value, are too small, and lack a strong reason to remain independent, with the aim of pursuing consolidation. He said such deals would benefit all parties and would amount to buying Bitcoin at a discount to spot prices.
American Bitcoin CEO Michael Ho said at a roundtable during Bitcoin Asia 2026 in Hong Kong that the only benefit of buying an actively managed Bitcoin company instead of spot Bitcoin or an exchange-traded fund is the wager that management can increase Bitcoin holdings per share for investors.
Ho said that buying ABTC or other companies discussed at the session is effectively a bet that Bitcoin per share can grow quarter by quarter. That outcome, he said, depends on management decisions and the way capital is allocated.
ASIC miners seen as hard-asset infrastructure for producing Bitcoin
Ho also said the company treats ASIC mining machines as hard-asset infrastructure used to produce Bitcoin. Its approach, he said, is to use existing Bitcoin reserves to operate the machines, generating Bitcoin returns on top of Bitcoin.
Treasury says it is looking for consolidation targets
At the same session, Treasury founder and CEO Khing Oei said the company is working with an investment bank to identify treasury companies that trade below net asset value, are too small, and lack a reason to exist independently for potential consolidation.
He said such consolidation would benefit all sides and would be equivalent to buying Bitcoin below spot price.
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