Once Bitcoin ETFs arrived, the treasury premium made no sense
The whole treasury model rested on a question with no good answer, why pay two dollars for one dollar of Bitcoin sitting inside a public company? That premium had no obligation to exist. Once spot Bitcoin ETFs gave investors simple exposure, and once Strategy proved out the largest, most liquid version of the leveraged treasury trade, the reason to pay up evaporated. The first company doing this was genuinely unique, the fifth was maybe still interesting, but the fiftieth firm selling shares to buy Bitcoin was just a smaller, less liquid, less proven version of something the market already had.
#Bitcoin #Crypto #Investing #ETFs #Markets
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