Bitcoin Treasury Giants Are Fueling Your Electric Future—With Gas Pipes, Claims Analyst
Bitcoin's biggest backers might be greasing the wheels of your green energy dreams—with fossil fuels. A new analysis suggests corporate BTC treasuries are propping up their mining ops by tapping into stranded gas pipelines, turning waste into watts (and wealth).
How dirty is your 'clean' Bitcoin investment?
While ESG funds pour into crypto, the industry's still got one foot in the fossil past. Some treasury plays quietly monetize flare gas from oil fields—cutting emissions on paper while keeping rigs profitable. It's the ultimate hedge: bet against fiat currency while banking on the energy sector's slowest transition.
One analyst calls it 'financial judo': using legacy energy infrastructure to bootstrap a decentralized future. Critics see creative accounting—and another case of Wall Street's 'greenwashing' playbook. Either way, the math works: free energy plus appreciating assets equals boardroom bonanzas.
Funny how the 'currency of the future' still relies on 19th-century energy hacks. Maybe Satoshi should've mined with solar panels—if only the ROI stacked up.
Bitcoin treasury companies: history’s most obvious abritrage
He compares bitcoin treasury companies (firms holding large bitcoin balances and building financial products around them) to smart factory owners of the 1910s, who installed electric wires despite having working gas pipes.
While most people thought they were wasting money and called their approach foolish, these owners were able to leverage existing infrastructure to pay for future needs.
When old technology and new technology exist simultaneously over a 10-20 year window, Moss argues that those running both systems, like Bitcoin treasury companies, emerge victorious:
“These factories didn’t wait for gas to disappear. They used profits from gas-powered production to install electric infrastructure. They looked inefficient. Redundant. Stupid. They were actually positioning for the most obvious transition in history.”
That’s exactly what corporations like Strategy are doing: extracting value from the existing system of debt and equity and transferring it into the new system: Bitcoin.
“Bitcoin treasury companies are doing the EXACT same thing… running history’s most obvious arbitrage.”
Moss highlights the strategic flexibility of Bitcoin treasury companies to issue equity, raise capital, and leverage structural advantages unique to this asset class, positioning them for gains far beyond traditional tech or financial stocks.
He points out that savvy operators in this sector blend balance sheet strength with DEEP risk management, making them well-equipped to weather volatility and even exploit it for outsized performance.
Market sentiment remains cautious
Despite Moss’s bullish stance, market sentiment remains wary. Bitcoin treasury companies like Strategy are trading at just a 1.6x multiple on their Bitcoin holdings, a stark contrast to the S&P 500’s average price-to-earnings ratio, which sits at 30x. The gap is so pronounced that it defies conventional logic, as The Bitcoin Therapist pointed out:
“Not a f**king chance. Market is wrong.”
Recent price action only exacerbates these tensions. As of August 2025, Bitcoin hit a record high above $124,000, yet many Bitcoin treasury stocks failed to keep pace, with some trading flat or down amid $1 billion in Leveraged liquidations and more than $290 million in ETF outflows.
The market’s apparent mispricing, punishing innovation with discount multiples, stands in sharp contradiction with the risk appetite normally seen for tech and growth stocks. Is the spread temporary, or is the market missing the forest for the trees? Relying on gas pipes to fuel an electric future?
