They're not ponzi schemes, they only take on debt to buy bitcoin. You might think they're overvalued, but that doesn't equate to a ponzi scheme.

Furthermore, a trojan horse is something positive, i.e. disruptive. HODL himself holds $MSTR, and that post probably means he is bullish on treasury companies. I'd say HODL disagrees with you. But whether he agrees with your or not shouldn't matter to your argumentation.

Conversely, you can argue that Bitcoin is undervalued, and the stock market is fair valued. A lot of big players can't buy pure Bitcoin, or the ETFs, hence bitcoin stocks will receive a premium.

Also, the bitcoin/share is increasing on these stocks. How do you price that in?