A new class of public companies has emerged that treats crypto accumulation not as a hedging tool or passive reserve, but as the centerpiece of their capital and value-creation strategy. These Core Strategy companies — including Strategy (MSTR), DeFi Development Corp. (DFDV), Upexi (UPXI), among others — deliberately structure their treasury to give public market investors direct, liquid exposure to cryptocurrencies. In contrast to incidental allocators like Tesla or Coinbase, who hold crypto for operational flexibility or ideological alignment, Core Strategy firms are valued primarily on their token holdings and NAV exposure, not their underlying operating businesses.
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