The Bitcoin treasury trap, where the company buys more and you own less
The Bitcoin treasury playbook carried the seeds of its own destruction. The more companies copied it, the less unique each one became, which made their premiums harder to justify, and once the premium vanished, the whole machine ran in reverse. The trap is dilution, if it grows faster than the treasury, the company’s total Bitcoin can rise even as Bitcoin per share falls. So the headline says the firm bought more Bitcoin, but the individual shareholder quietly owns less, and once debt, convertibles, and preferred securities are counted, common shareholders can lose even more.
#Bitcoin #Crypto #Investing #Markets #Stocks
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