A claim has emerged that bitcoin treasury firms, including Strategy, are significantly undervalued in the market.

According to blockchain outlet Bitcoin Magazine on Oct. 21 (local time), Samson Mow (샘슨 모우), CEO of JAN3, said bitcoin treasury firms serve as “buyers of last resort” and support long-term price gains.

Mow cited Strategy (MSTR) as an example of undervaluation. He focused on the structure in which bitcoin treasury firms keep buying regardless of price. He argued that accumulated buying increases upward price pressure, and that higher prices could in turn draw additional inflows of capital, creating a virtuous cycle.

He made the remarks while discussing the possibility that bitcoin’s four-year cycle could weaken, what could trigger the next rally, and the outlook for corporate and national adoption of bitcoin. Mow said the best time to set up a bitcoin treasury firm or issue bitcoin bonds is when prices are low. He said building a buying base in a low-price range can increase its impact in a later upcycle.

Demand at the national level is also a key variable. Mow said countries’ reviews of adopting bitcoin are leading to global competition to secure bitcoin, which has a limited supply. He said adoption at the national level has recently slowed, but interest in bitcoin itself has not disappeared.

Mow also pointed to the possibility that corporate demand for bitcoin could expand into the artificial intelligence (AI) industry. He said new buying could flow in if AI companies begin holding bitcoin as a treasury asset.

He also said stablecoins could serve as a channel that brings new users to bitcoin. He said a model in which stablecoins are used for everyday payments and bitcoin is held as a savings vehicle could increase bitcoin holdings while maintaining payment convenience.

His outlook focuses on the idea that purchases by companies and countries could support bitcoin demand over the long term. He argued that if bitcoin treasury firms raise funds at low prices and keep buying, and national-level adoption expands, competition to secure limited-supply bitcoin could intensify.

He added that for that outlook to materialise, corporate fundraising and national adoption discussions must translate into actual purchases. He said key indicators will be the scale of corporate bitcoin buying and bond issuance to raise funds, and progress in countries’ adoption policies.