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Earlier this year, a little-known British web design firm called Smarter Web Company saw its market

value explode from £4 million to over a billion pounds in just two months. The reason? Well, they announced that they would start

buying Bitcoin. Now I know what you're thinking. Four million to a billion. Bitcoin hasn't gone

up that much, has it? Well, that's not how this works. Smarter Web is not alone. All around the world,

a growing number of companies, many with no prior connection to cryptocurrencies,

have started transforming themselves into what people are calling Bitcoin Treasury companies.

Some are issuing debt and others hybrid securities to fund their crypto purchases.

What began as a crazy experiment by Microstratage, a US software firm, has now gone global,

as businesses seem to hope that buying Bitcoin will spike their stock prices like it did

for Microstrategies, whose core software business generates tiny revenues and operates

at a loss, but its aggressive Bitcoin purchases have turned it into a $100 billion company.

Micro Strategy, I should note, recently changed its name, from Microstrategy to Strategy.

I guess the initial name suggested that

they had a very small strategy, and getting rid of the micro when the company name

possibly implies a new confidence in what they're doing.

Strategy is in the business of running an unprofitable software company and owning a big pile of Bitcoins.

Because a lot of investors are not very good at math, strategy worked out that they could

sell their stock at a large premium to the value of the Bitcoins that they own, and then

...