Bitcoin analyst and investor Mark Moss claims that Bitcoin finance companies are positioning themselves for the transfer of the greatest wealth of history, following a sophisticated playbook to acquire value and manage volatility. In other words, “We use gas pipes to fund the future of electricity.”
Bitcoin Finance Company: The Most Clear Principles of History
He compares Bitcoin finance companies (the companies that hold a large Bitcoin balance and build financial products around them) with 1910s smart factory owners who installed electric wires despite having work gas pipes.
Most people thought they were wasting their money and called their approach stupidly, but these owners were able to leverage their existing infrastructure to pay for future needs.
If old and new technologies exist simultaneously in the window of 10-20 years, Moss argues that people running both systems, like Bitcoin finance companies, are winning.
“These factories never waited for the gas to go out. They used the benefits from gas-powered production to install electrical infrastructure. They looked inefficient. Redundant. Stupid. They were actually positioned for the most obvious transition in history.”
That’s exactly what companies do, like strategy. It extracts value from an existing system of debt and equity and transfers it to a new system, Bitcoin.
“Bitcoin finance companies do exactly the same thing… they’re carrying out the most obvious rulings of history.”
Moss places Bitcoin finance companies for their fairness, raising capital and exploiting the structural benefits inherent in this asset class, and for profits that go far beyond traditional technology and financial stocks.
He points out that the savvy operators in the sector blend balance sheet strength with deep risk management, equipped with suitable equipment to weather them, and even utilize them for distinctive performance.
Market sentiment is cautious
Despite Moss’ bullish attitude, market sentiment remains wary. Bitcoin financing companies like Strategy are trading at just 1.6 times multiples at Bitcoin Holding. As Bitcoin therapists pointed out, the gap is so pronounced that it goes against traditional logic.
“It’s not a chance. The market is wrong.”
Recent price action only exacerbates these tensions. As of August 2025, Bitcoin had hit a high of over $124,000, but many Bitcoin Treasury stocks were unable to keep up the pace.
Apparent mispricing in the market, punishing innovation with multiples of discounts, is sharply inconsistent with the risk appetite that is usually seen in technology and growth stocks. Is the spread temporary or is the market missing the woodland? Do you rely on gas pipes to fuel the future of electricity?
