I think the strategy is not dissimilar to that of Berkshire Hathaway, difficult as that may be to believe.

Step 1: accumulate bitcoin Step 2: wait for credit crunch Step 3: offer collateral for bridge loans in return for a cut of the interest and potentially equity in the distressed companies

In the case of Berkshire they are waiting for the same blood in the water, the same credit crunch, to use their cash to buy up distressed but viable assets.

During a credit crunch, ironically, the value of bitcoin as collateral increases because what you want in collateral is upside potential. Given the quantity of bitcoin that Strategy holds even in a downturn he'll be able to offer collateral to a lot of good businesses in distress, especially technology companies because of the industry expertise he has in-house, something banks often struggle with.

In that context one would expect bitcoin treasury companies to pop up throughout the economy, randomly distributed, with local industry relationships that they'll be able to leverage in the same way, to form partnerships with banks who want to provide credit but need collateral to back it. That's what we see.