My concern about the treasury craze was always that they’d move to a discount to NAV. Only thing to do then is to (a) get bought by Saylor (b) just sit around and wait or (c) sell your BTC and pay out holders. In the absence of (a), selling BTC is the best option for shareholders which ultimately turns the treasury tailwind into a headwind for the industry.
Clemente
ClementeAug 20, 21:17
This is what it looks like when your Bitcoin Treasury Company starts trading below your BTC holdings Empery Digital holds $450M in BTC, but is trading at a $340M market cap as hedge funds dump their shares Their CEO: "You're essentially buying Bitcoin at $89,000"
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