Listed companies are rapidly transforming into bitcoin treasury vehicles, raising capital to buy BTC and hold it on their balance sheets. With bitcoin increasingly seen as a potential global reserve asset, gaining institutional traction and strong price expectations, this trend might seem sound. But there’s a problem: most of these companies have acquisition plans without a business plan.
Why buy at a premium when you can buy bitcoin directly?
Almost any investor can buy bitcoin directly, either spot or via ETFs. So why invest through a listed company trading at a significant premium to the net asset value (NAV) of its bitcoin?
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