The Bitcoin Army community never ceases to amaze me. Today was no exception. We had a great space centering on self custody and living on a Bitcoin standard. I’m so proud to be a part of it.
At the end of the day, Bitcoin treasury companies might end up trading like banks. Meaning: buy at 0.5 mnav, sell at 2mnav. Been a simple but effective way to invest in banks (using book value) for decades.
Trad-fi doesn’t care about Bitcoin per share. They don’t even care about Bitcoin yield. What they DO care about is RETURNS on INVESTMENT. It’s a simple concept. Number go up is the name of the game. Satisfy that and there will be a never ending line of investors. Don’t, and investors will dry up so fast it will make your head spin.
Have Bitcoin Treasury companies gone too far? Sequons is doing a reverse split to likely avoid delisting. $NAKA has been flushed down the drain. $MSTR is in a tough spot with no choice but to continue ATM. Metaplanet has a board full of shitcoiners. I hate to say it. But this is how bear markets begin. Gradually, then suddenly.