The Divergent Treasury: Why the Next Phase of Corporate Crypto is Leaving the Saylor Playbook Behind

For three years, the corporate digital asset playbook was synonymous with one name and one strategy: Strategy (MSTR) and its aggressive, debt-fueled acquisition of Bitcoin. This model treated the asset solely as a reserve currency, a digital gold to be hoarded regardless of market cycle. However, recent filings from a new cohort of digital-first corporations suggest that the 'Saylor Playbook' is no longer the only game in town.