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Bitcoin treasury companies: infinite money glitch?
The rapid growth of bitcoin treasury companies has created what some observers have dubbed an ‘infinite money glitch’ in financial markets. These publicly traded companies, most notably Strategy (formerly MicroStrategy), have discovered a seemingly perpetual cycle of raising capital to buy bitcoin, watching their stock prices soar as bitcoin appreciates, then using their elevated valuations to raise even more capital. Bitcoin treasury companies are fundamentally different from traditional corporations. Rather than generating revenue through operations, they function as leveraged plays on bitcoin’s price ... (full story)