Crypto Treasury Companies Beyond Strategy — 4 Picks To Watch Saylor’s Strategy made corporate BTC famous. But while CT obsesses over $MSTR, a new wave of crypto treasury companies emerging. Some hold BTC. Some hold ETH. All trading at premium to NAV. The leaders worth watching. $SPACEX — Holding 18,712 BTC ($1.29B). June 11 IPO under $SPCX. Largest pre-IPO institutional BTC position. Already trading on OKX perps. $BMNR — ETH treasury plus mining operations. Russell 3000 inclusion. Pure ETH exposure through equity wrapper. $IREN — AI compute plus Bitcoin mining hybrid. Russell 3000 addition. Best of both narratives. $CBRS — Recent AI chip IPO. Validates public market appetite for crypto-adjacent infrastructure. Why this matters now. Russell 3000 inclusion June 26 forces billions in passive buying. Tesla 2020 S&P playbook replaying. Mechanical flows compound regardless of fundamentals. The crypto angle. $BTC benefits from corporate treasury expansion. $ETH validated through SBET and BMNR accumulation. $WBTC institutional demand grows. $STX BTC L2 narrative validated. Adjacent plays. $LINK essential oracle for tokenized equity. $ONDO RWA compounds. $HYPE captures trading volume. The math. Five treasuries each accumulating $1B = $5B structural demand. Compared to declining exchange reserves, gets violent fast. Framework. Watch Russell inclusion June 26. Track 10-Q filings quarterly. Position before mechanical buying confirms. Hidden truth. Smart money positioned at pre-inclusion prices. By the time retail discovers the playbook, easy gains are gone. Not financial advice — DYOR. $BTC #CryptoJoinsRussell3000 #IranDealOilCrashBTCRip