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Molly
# semi-retired # prev @_btcinc @wxblockchain
Bitcoin Square isn’t strategy, it’s just toxic positivity delusion.
Sep 8, 14:15
Each group’s influence and outreach are structurally limited. Aggressively launching new treasury companies on the supply side does not expand that but it only dilutes it.
Especially , externally the treasury play is intensifying, with new entrants joining almost daily. Given these dynamics, the likelihood of replicating past success is exceedingly low, especially without access to a broader or unique liquidity pool.
916
FYI, there’s no guarantee an mNAV discount flips to a premium in Bitcoin strategy stocks.
The GBTC discount was a low-risk trade only because of the ETF conversion , once share creation/redemption opened, arbitrage collapsed the discount.
Stocks don’t have that. Holders can’t redeem for the underlying BTC, so the price is driven purely by market flow aka exit liquidity. ( who to exit on and how big is those exit liquidity) And that’s the main thing to look at before trading any DAT or Bitcoin strategy stocks
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