BitBridge to go public as a pure-play BTC treasury company

BitBridge is yet another company to go public with a high-profile Bitcoin maximalist message. BitBridge aims to list on exchanges at the end of Q3, with plans to upgrade to Nasdaq. 

BitBridge Capital Strategies will go public by the end of Q3, under the ticker BTTL. The listing will follow the recent merger with Green Mountain Merger Inc.

The initial listing of BTTL will happen on the OTC market, with attempts to upgrade to NASDAQ in the coming months. The BitBridge listing is part of a long trend of BTC treasury companies seeking representation on traditional exchanges. The approach to this goal differs, ranging from PIPE raises, purchases of shell companies, or rebranding existing listed companies. 

“This transaction marks a significant step in our mission to redefine bitcoin lending and give bitcoin collateral the respect it deserves,” said Paul Jaber, chief executive officer and chairman of BitBridge.

“Through our corporate Bitcoin accumulation treasury strategy, our innovative Bitcoin loan strategies, and our bold consumer-facing branding campaign, Bitbridge is positioned to bridge the gap between a declining traditional finance system and a thriving Bitcoin standard.”

BitBridge focuses on BTC as a pure-play

BitBridge, under its CEO Paul Jaber, is a pure-play treasury company with no previous business. The approach is similar to Strategy’s Bitcoin maximalism. BitBridge has launched the ‘Bitcoin is Life’ campaign to drive adoption and show long-term confidence. 

In addition to building a BTC treasury, BitBridge aims to launch a Bitcoin-based financial system. The Bitcoin Respect Loan product aims to reshape finance by using BTC collaterals. Unlike DeFi and other experimental lending practices, the Bitcoin Respect Loan aims to mimic the more predictable terms of traditional finance. 

The terms of BitBridge will treat BTC as a fundamentally sound money collateral, instead of a volatile and risky asset. As a result, interest rates will be at the lower range of traditional mortgage lending, with multi-year terms. The program aims to avoid predatory liquidations, allowing holders to tap the value of their BTC without forfeiting the assets easily. 

“At BitBridge we say ‘Bitcoin is Life’ and our loan program is designed to give you the best life possible,” said Jaber.

As a treasury company, BitBridge has not yet disclosed its holdings. Some of the reserves may come from collaterals. The company has not posted any public wallets, which in the case of treasury companies is considered a security strategy. 

Are BTC treasury companies reaching their peak? 

For the week ended August 2, the 25 leading treasury companies added 33,180 BTC. The purchases were not equally distributed, as some companies bought a few coins to gain exposure. Not all companies are able to raise significant funds and build treasuries at scale. 

Currently, the cutoff for entry into the top 100 list of treasury companies is just 30 BTC, allowing even minor entities to tweak their balance sheet. 

The CEO of Galaxy Digital Mike Novogratz considers the current market a peak for treasury companies. According to a recent Bloomberg report, Novogratz believes the gold rush to announce treasuries will reverse soon. In the past weeks, Metaplanet and Strategy continued expanding their treasuries, though new financing and purchases may face headwinds.