Are Bitcoin Treasury Companies Just Another Fiat Game?

The article argues that bitcoin treasury companies such as Strategy (MSTR) are largely a fiat-financed game, with their shares trading at large premiums to the bitcoin they hold. The author estimates that the 628,791 BTC on Strategy's balance sheet was worth about $77 billion at a bitcoin price of $122,500, while the firm's market capitalization was $110 billion, a premium of about 45%. The author says the premium can be justified only partly, by factors such as custody convenience, unannounced future purchases, regulatory arbitrage and other residual business value. The article also frames Strategy as a kind of bank that funds bitcoin through preferred shares paying 8-10% interest.