After a volatile summer, Bitcoin treasury firms are moving from growth to institutional maturity. Sander Andersen outlines how the next phase demands stronger execution, structured products, and a smarter approach to leveraged Bitcoin exposure.
After speaking at the recent European Blockchain Conference in Barcelona, Kaupr spoke with Sander Andersen, Chairman of the Board at H100, about the evolution of Bitcoin treasury strategies, shifting market dynamics, and how institutional standards are reshaping digital asset management.
Watch the full interview below and read the main insights from the conversation.
The Bitcoin treasury sector has seen strong expansion over the past year, but also a visible slowdown. According to Sande Landersen, new strategies and entrants have flooded the market even as Bitcoin’s price stayed flat. Optimism remains, but performance is mixed.
“Over the last few months, we’ve seen a compression similar to what we saw during the summer,” he explained. “Interest levels are lower while competition is much higher.”
The company’s first growth phase focused on reaching 1,000 Bitcoin on its balance sheet — a milestone that became a regional race among Nordic players. With that goal met, the next step targets institutional scale: 10,000 Bitcoin and beyond.
“This next phase requires global standards, new structures, and disciplined execution,” Landersen said, highlighting the need to synchronize strategy, product design, and balance‑sheet management.
With more than a hundred companies now accumulating Bitcoin, investors have abundant choices. The result is a market demanding sharper differentiation.
“The total interest in Bitcoin hasn’t dropped dramatically,” Landersen added. “It’s just spread across more firms. Now we’ll see who can execute best — and who wins on performance.”
Landersen emphasized that risk management defines this next stage. With an NAV near parity and over 700 Bitcoin held debt‑free — representing roughly 750 million Swedish kroner — the company is building collateralized products suited to varying investor risk profiles.
“This gives more conservative investors the chance to access instruments that are highly over‑collateralized,” he said. “It’s about creating tailored exposure — not just holding assets.”
Market volatility continues to test both individuals and institutions. Many private investors rely on margin‑based leverage and face liquidation pressure during sharp corrections. Treasury companies, Landersen noted, offer a safer model.
“We can structure debt through convertible bonds, five‑year terms, zero interest, and no margin calls,” he explained. “That gives investors leveraged exposure without the risk of forced liquidation.”
As the market matures, fewer but stronger players are expected to remain. Landersen sees this consolidation as a healthy evolution: one that favors companies with sound balance sheets, disciplined leverage structures, and institutional‑grade governance.
