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Bitcoin treasuries
I see none of these arguments as structural to the degree that they justify anywhere near a 2-4x premium to NAV. The tax advantage holds some weight, though not much more than buybacks being worth slightly more than dividends. You could argue optionality has merit too, but I find that scenario dystopian. Arguments 1 and 2 ("amplified bitcoin" and accessibility) are the main ones, but are bubble inflators entirely mistaken for premium justifiers. The good stuff coming from an appreciating Bitcoin price is primed to flip in the case of the opposite, when debt and dividend obligations remain, and something that ... (full story)
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2profitFactR
Aug 16, 2025 6:56pm
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