The Bitcoin treasury model may be changing quietly, according to a market analysis published by Unchained. The report says many pure-play companies are leaving the trade, while the credit model adopted by sector pioneer Strategy is also under real strain.
VanEck head of digital assets research Matthew Sigel recently highlighted a list of DATs that have dropped Bitcoin and crypto accumulation strategies. One example he cited was Satsuma Technology (SATS LN). According to Sigel’s post, shareholders voted on July 21, 2026, with more than 90% approval, to liquidate all 668 BTC, valued at roughly $43.5 million, return capital to investors, and delist the company.
Against that backdrop, Unchained says a new approach may be taking shape, one built around cash flow. It points to the announcement of Orange Juice as the first clear signal. The company was presented as a proposed permanent capital vehicle backed by a Bitcoin treasury, with Lyn Alden and Jeff Booth named among the founders.
Roughly one week after Orange Juice was announced, Tether-backed Twenty One Capital disclosed an executive shake-up and laid out a reworked strategy. Unchained said the plan looked strikingly similar to the one proposed by Orange Juice.
Glenn Cameron, Global Head of Onramp Institutional, told Unchained: “Two successor models are emerging from the pure-play’s shell, and they are opposites of each other.” He was referring to Strategy’s credit model and the permanent capital model.
What the shift could mean for MSTR
The analysis centers its key questions on Strategy and its stock, MSTR. It asks which model is more likely to prove superior and what growing competition may mean for the company.
Unchained says the full piece examines several areas in detail:
- an autopsy of the pure-play Bitcoin treasury model and where the premium went;
- a look at Strategy’s credit model and why its flywheel is now working in reverse;
- what the cash flow model promises and how practical the ambition of building the “Berkshire Hathaway of Bitcoin” may be;
- and why Strategy’s edge may need to extend beyond size alone as competitors arrive.
The article, titled “The Bitcoin Treasury Model Is Shifting. What Does It Mean for MSTR?”, was published by Unchained on Aug. 6, 2026.