It was only a matter of time. With Strategy long reigning as the go-to corporate proxy for bitcoin exposure, it was inevitable that a challenger would emerge — though few expected it to wear a red hat and run a social media company. Trump Media & Technology Group’s recent announcement that it holds roughly $2 billion in bitcoin has transformed it, overnight, into a serious — if unconventional — bitcoin-treasury company.

But for investors seeking crypto exposure, the question isn’t just about how much bitcoin a company holds. It’s about what else comes with the package.

In one corner, we have Strategy (formerly MicroStrategy): the bitcoin standard-bearer, helmed by Michael Saylor, who has spent the past four years turning a sleepy enterprise software company into a de facto digital gold vault. Saylor has become bitcoin’s most prominent corporate evangelist, turning Strategy into a digital gold vault with quarterly earnings calls that double as bitcoin sermons.

In the other corner, enter Trump Media (DJT), which operates the Truth Social platform and has a revenue stream you could mistake for a rounding error: $4.1 million in 2023, compared to Strategy’s $498 million. Yet its market cap has floated above $6........

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