Strategy ( MSTR 1.55% ) (formerly called MicroStrategy) famously pioneered the Bitcoin ( BTC 1.30% ) treasury concept, buying the crypto and holding it on the company's balance sheet. Now, a crop of start-ups promises to provide the same kind of leveraged exposure to select digital assets for anyone willing to buy their shares.

But before you hand any treasury operator a dime, it's important to look at who really captures the value they're advertising, and to understand how the existence of these companies might be favorable for the coins you hold.

Crypto treasuries are popping up like weeds

In a nutshell, crypto treasury companies are businesses that accumulate cryptocurrency assets such as Bitcoin and XRP ( XRP 0.84% ) on their corporate balance sheets .

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