TD Securities Formalizes Public Bitcoin Treasury Companies (PBTCs) as Distinct, Investable Equity Category
By Nick Ward
TD Cowen, a division of TD Securities, has formalized Public Bitcoin Treasury Companies (PBTCs) as a distinct investable equity category under Digital Asset Treasuries (DATs). The report provides a valuation framework distinguishing active PBTC management from passive ETPs, introducing KPIs like BTC Yield, BTC Torque, and BTC Rating to measure Bitcoin compounding and financial gearing. This supports institutional Bitcoin adoption amid fiat debasement concerns.
Not financial advice. Do your own research before making investment decisions.