Bitcoin treasuries | Crypto Craft

  • Bitcoin treasuries

    From oliversung.substack.com

    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 — Edited
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The reason MSTR holds a 2-4x premium to NAV is because MSTR, along with STRD, STRK, STRF, allows access to BTC for institutions and individuals with investment guidelines that prohibit outright ownership of BTC. These institutions and individuals REQUIRE an investment instrument mandated to their investment charter and/or directive. MSTR, along with STRD, STRK, STRF provides such charter and/or directive and thus is rewarded by the market with a 2-4x premium to NAV.
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