Wall Street Journal Warns of Corporate Crypto FOMO as NAV Markets Offers a Disciplined Path Into Digital Assets

Companies of all shapes and sizes are raising hoards of cash to buy Bitcoin and other digital currencies, a trend the Wall Street Journal recently spotlighted as both explosive and risky.

Some of the most recent examples of firms flying under the radar include digital media streaming company LiveOne raising nearly $9 million to launch a Bitcoin yield treasury strategy, while Nasdaq-listed Mill City Ventures is raising $500 million to accelerate the growth of its Sui treasury strategy.

The trend is global. Japanese hotel chain Metaplanet is raising over $5 billion to add to its Bitcoin holdings, and Paris-based chipmaker Sequans Communications secured $384 million to acquire Bitcoin. Just announcing a crypto treasury plan can send a firm’s stock soaring—Volcon, a Texas e-bike maker, surged from $9 to $44 after unveiling a Bitcoin reserve strategy, only to crash back to $13 within days. In other cases, executives have sold shares into the rally, pocketing millions while retail investors bore the downside.

Since June 1 alone, 98 companies have unveiled plans to raise over $43 billion for crypto purchases, bringing 2025’s total near $86 billion. But as the Wall Street Journal highlights, this headline-grabbing shift comes with serious risks. Many of these newcomers are reinventing themselves as “Bitcoin holding companies” overnight—often with little transparency, no long-term financial plan, and growing concerns about insider self-dealing.

This rush is raising flags around structure, governance, and long-term credibility.

“There’s a difference between having Bitcoin on your books and having a strategy,” said Lionel Iruk, a blockchain attorney and legal strategist at NAV Markets. “When companies rush in without thinking through the regulatory and fiduciary impact, they open themselves up to real risk—not just price swings, but shareholder consequences.”

Iruk, who leads NAV’s legal and regulatory strategy, is among a growing group of advisors calling for more discipline in how crypto treasuries are structured. In that context, NAV Markets stands out as one of the few firms building pathways for businesses to responsibly enter digital asset markets—emphasizing compliance, capital structure, and long-term alignment over short-term hype.

Building Responsible Treasury Models That Fit the Bigger Picture

NAV Markets works with both crypto-native startups and traditional companies—including struggling public firms—to develop Bitcoin-centric treasury models. The focus isn’t just on acquiring a pile of tokens, but on integrating crypto into a broader financial and business strategy that supports future public listings, attracts institutional capital, and builds staying power.

What does that look like in practice? NAV helps design and implement Bitcoin-backed treasuries as core components of the balance sheet—using Bitcoin not as a headline-grabber, but as a strategic asset that signals strength and forward thinking to investors.

Rather than betting on volatile altcoins or locking up assets in risky yield schemes, NAV emphasizes the use of Bitcoin as a reserve asset with real-world relevance. Their team of legal, financial, and compliance experts ensures each treasury plan is built to meet regulatory requirements, support clean auditing, and withstand legal review across U.S., EU, UAE, and offshore jurisdictions.

That means when a company adds Bitcoin to its books, it’s done the right way—with proper governance, disclosures, and long-term planning—not as a marketing stunt or a reaction to market hype. As NAV puts it, a well-structured Bitcoin treasury can “signal long-term financial strength, reduce volatility, and align with macro asset trends,” while also making the company more attractive to serious investors.

NAV’s approach also ties the treasury move into a company’s overall market strategy. For crypto-native projects, that might mean restructuring legal entities and token economics in preparation for a future SPAC merger or public uplisting—with Bitcoin reserves boosting balance sheet optics and governance appeal.

For more traditional companies, it could involve a phased pivot into crypto—like tokenizing a revenue stream, spinning out a blockchain subsidiary, or experimenting with digital assets without putting the core business at risk. NAV also advises on hybrid cap tables and dual-asset models that combine token ecosystems with traditional equity exposure.

In both cases, the crypto treasury isn’t just a financial experiment—it’s a step toward long-term market positioning, aligned with investor expectations and built to hold up under real-world conditions.

And for some clients, NAV’s role starts even earlier—before there’s a treasury or even a product. “Sometimes a founder comes in with nothing more than an idea, and we take it from that napkin sketch all the way to something that’s market-ready,” Iruk said. That can mean validating the concept, mapping out the legal and tax structure, picking the right jurisdiction, and if it fits, developing the token or product itself. “It’s not just advice—it’s end-to-end execution,” he added. “Part accountant, part blockchain development shop, part business strategist. We make sure that by the time it hits the market, it’s compliant, investor-ready, and built to last.”

Also, in addition to structuring and strategy, NAV continues to work with teams after they go public—helping manage investor relations, maintain compliant treasury operations, and navigate multi-jurisdictional disclosures as they grow.

Long-Term Credibility Over Short-Term FOMO

The gap between hype-driven treasury moves and real strategic planning is becoming impossible to ignore.

On one side are companies chasing headlines—treating Bitcoin like a shortcut to stock market attention. The results are often volatile: brief rallies followed by deep corrections, and shareholder trust that’s hard to rebuild. On the other side is a more deliberate approach—one that sees digital assets not as an endgame, but as part of a larger financial evolution.

NAV Markets sits firmly in that second camp. Their role isn’t to help companies jump on the Bitcoin bandwagon, but to design strategies that make crypto part of a sustainable growth model—on terms investors can trust and regulators can understand.

“We’re past the point where just holding Bitcoin is a statement,” said Iruk. “Now it’s about how you hold it, why you hold it, and how it fits into the bigger story you’re telling as a company.”

As institutional standards tighten and market cycles mature, the companies that treat Bitcoin like a long-term asset—not a short-term signal—will be the ones best positioned to lead. NAV’s work is helping define that next chapter—where digital assets meet real-world credibility, and where crypto becomes not just part of the balance sheet, but part of the business model.