Why corporate Bitcoin plays are outperforming spot BTC – a thread from Lyn Alden's brilliant insights! 🧵👇 Many big institutional funds can't directly buy Bitcoin or even spot ETFs due to legal mandates. But they can buy publicly traded companies that hold BTC on their balance sheets. This makes "treasury stocks" like MicroStrategy the only compliant way for massive capital pools to get Bitcoin exposure. It's a key bridge! 🌉 Supply of these BTC-holding companies is limited. This scarcity, combined with institutional demand, creates amplified price action. Case in point: Since 2021, MicroStrategy is up 2,850% vs. Bitcoin's 816% (both crushing the S&P's 99%). Talk about outperformance! 🚀 These companies aren't just buying Bitcoin; they're funding it with long-dated corporate debt. This strategy allows them to ride out volatility without forced liquidations, unlike typical leveraged plays. Think of it as layered exposure: * Direct BTC on their balance sheet * Their operating business as a stability buffer * Debt-funded stacking as smart leverage This combo drives enhanced returns beyond what spot Bitcoin alone delivers. Lyn Alden argues this is crucial for Bitcoin's adoption: it needs to be a widely held investment before it can be a widely accepted currency. Treasury stocks and bonds are vital stepping stones on this path. Today's dual-engine adoption model: * ✅ Mandate-friendly exposure via treasury corporations. * 🚀 Durable leverage through corporate bonds. * 🌍 Both normalizing Bitcoin in traditional finance. Treasury stocks/bonds are a bridge, not the final destination. They pull in otherwise restricted capital, boost awareness, and amplify cycles. Ultimately, their purpose is to guide more people (and balance sheets) towards holding the real thing. #Bitcoin #Crypto #InstitutionalAdoption You agree?