though so-called bitcoin treasury companies don't make sense, but so long as they are trading at a NAV premium to the underlying holdings they should continue to sell equity and buy bitcoin until they arbitrage out the opportunity.
That "competitors" are now launching/raising will accelerate that process (as ultimately it becomes a race of who can issue the most equity until the arb closes.)
Funding purchases with debt, on the other hand, seems like a recipe for disaster on the back end of this cycle. (If and as optimum strategy for the so-called treasury-companies shifts to a higher debt mix--which might be their play as the equity to nav gap closes--that will be the seed that grows to destroy the business-less business model.)
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