BitBridge Capital is going public through a shell company with OTC code BTTL, aiming for a Nasdaq listing and betting on a Bitcoin treasury strategy.

BitBridge Capital Strategies announced the completion of a reverse merger with Green Mountain Merger Inc., expected to log in to the OTC market with the code BTTL by the end of Q3 and plans to transfer to NASDAQ. This Bitcoin-native enterprise emphasizes its lack of traditional business burdens and focuses on expanding the Bitcoin economic ecosystem, with a core strategy to build a long-term Bitcoin reserve and financial products based on a sound currency philosophy. Its upcoming Bitcoin collateral loan product "Respect Loan" features long terms and low interest rates, aiming to avoid risks associated with cryptocurrency loan fluctuations. Company CEO Paul Jaber stated that he intends to "bridge the gap between traditional finance and the Bitcoin standard." This move comes at a time when the Bitcoin financial strategy craze faces skepticism, as Galaxy Digital CEO Michael Novogratz warns that the industry may have already "peaked," with competition shifting towards the scalability of existing enterprises.

BitBridge completes reverse merger, Q3 log in OTC target to switch to NASDAQ

According to a Tuesday press release, BitBridge Capital Strategies has completed its merger with the special purpose acquisition company Green Mountain Merger Inc. The new entity is expected to begin trading on the OTC market at the end of the third quarter, under the stock code BTTL. The company also revealed its ambition to transition to NAS and aims to join the ranks of publicly listed companies that consider Bitcoin as a core treasury asset.

Focus on the native Bitcoin economy, without the burden of traditional businesses

Unlike many companies in the industry, BitBridge emphasizes its no traditional legacy business, fully focusing on expanding the Bitcoin economic ecosystem.

Core Strategy: Bitcoin Reserve and Sound Monetary Financial Products

The core strategy of BitBridge is to establish a long-term Bitcoin reserve and launch on-chain financial products that align with a sound monetary philosophy.

The company also announced the upcoming launch of a lending product called "Respect Loan", which uses Bitcoin as collateral. The program is designed as a multi-year term with a low Intrerest Rate, aimed at generating sustainable returns while avoiding the severe price Fluctuation typically associated with crypto collateral loans.

To enhance brand awareness, BitBridge plans to sponsor a well-known university football team and launch an educational podcast hosted by CEO Paul Jaber.

"The positioning of BitBridge is to bridge the gap between the declining traditional financial system and the booming Bitcoin-based system," Jaber stated in the press release.

Following the Bitcoin treasury craze, publicly traded companies hold over 774,000 coins

This move aligns with the growing trend of companies adopting Bitcoin treasury strategies, a trend initially led by Michael Saylor's MicroStrategy. Currently, the total amount of Bitcoin held by publicly traded companies has exceeded 774,000 coins, with MicroStrategy holding the vast majority at 628,791 coins.

This Monday, the Japanese listed company Metaplanet (formerly a NASDAQ listed company) increased its holdings by 463 Bitcoins, bringing its total Bitcoin treasury to 17,595.

Based on the current price, Metaplanet's Bitcoin reserves are valued at over 26.128 billion Japanese yen (approximately 1.78 billion USD). However, the company has assigned a higher valuation to its holdings based on market appreciation, bringing its estimated market value close to 2.02 billion USD.

Novogratz: The crypto treasury craze may have peaked, focus on the survivors

Galaxy Digital CEO Michael Novogratz believes that the wave of new encryption treasury companies may have reached its peak, and market attention is now turning to which existing firms can achieve scale and dominance.

During the Galaxy Digital's second quarter earnings call, he stated: "We may have already passed the peak period for corporate issuance by the treasury." This indicates that we will enter a more competitive phase in the future.

The surge of crypto companies based on treasury strategies is driven by a favorable regulatory environment in the United States, with companies such as MicroStrategy, GameStop, Trump Media, and SharpLink allocating their reserves to Bitcoin, Ethereum, and other digital assets.

However, Novogratz warned that market saturation could make it harder for new entrants to gain attention, especially with treasury companies focused on Ethereum like BitMine and SharpLink continuing to expand.

Galaxy Digital currently manages approximately $2 billion in assets for over 20 clients focused on treasury strategies, generating stable management fees in the process.

The company recently transferred its stock to NASDAQ and is exploring tokenizing its shares, which is part of its broader strategy to build blockchain-based financial infrastructure for institutional investors.

Conclusion: The plan for BitBridge Capital to go public through a shell company and transfer to NASDAQ highlights the strategy of Bitcoin treasury management continuing to attract capital. Its positioning as having "no traditional business burdens" and the development of native Bitcoin financial products aims to establish a differentiated advantage in an increasingly crowded field. However, Novogratz's warning about the industry "topping out" stands in subtle contrast to the continuous accumulation by companies like Metaplanet, making the scaling ability and compliant operation of Bitcoin-based enterprises the key to competition in the next phase. Innovative attempts such as tokenized shares may provide a new paradigm for the traditional financial market to embrace on-chain assets.