Everyone knows Strategy turned corporate Bitcoin treasuries into a Wall Street obsession. But the next wave is already forming — and it’s much bigger than just $BTC A new class of crypto treasury companies is emerging: some accumulating Bitcoin, some building around Ethereum, others combining AI infrastructure with digital assets. The names worth watching: • SpaceX — reportedly holding 18,712 BTC (~$1.29B), with the SPCX IPO attracting massive attention before launch. • BitMine Immersion Technologies — ETH treasury exposure combined with mining operations. One of the purest public Ethereum proxy plays. • IREN — AI compute + Bitcoin mining. Positioned at the intersection of two of the market’s strongest narratives. • Cerebras Systems — its IPO signals that public markets are aggressively pricing crypto-adjacent AI infrastructure again. Why this matters: Russell 3000 inclusion on June 26 could trigger billions in passive inflows. Not because fundamentals suddenly changed — but because index funds are forced buyers. We’ve seen this movie before. Tesla in 2020. Strategy in 2024. Now the same mechanics may hit crypto treasury equities. And the effect doesn’t stop at stocks. Corporate treasury demand strengthens: • Bitcoin through balance sheet accumulation • Ethereum through treasury adoption • Wrapped Bitcoin via institutional flows • Stacks as the Bitcoin L2 narrative grows Meanwhile, infrastructure plays like Chainlink, Ondo, and Hyperliquid quietly absorb the secondary effects. The real story isn’t speculation anymore. It’s structural demand. And by the time retail fully understands the playbook, most of the easy money is usually already gone. #TrillionDollarIPOs