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of course. ENTIRELY unpredictable, eh
With Saylor’s company now worth less than the bitcoin it holds, investors worry that a business model that relied on a virtuous circle of rising crypto prices and massive share and debt issuance is now unravelling.
Yeah, no shit browski. It's been over for a while -- mostly, because "it is dumb." (#1291762). Financialization is a force for bad, not good; please let this madness die (#1288543),

we all like ourselves a nice lil pump-and-dump

Shares in Japan’s biggest bitcoin holder Metaplanet have plunged 80 per cent since their June peak. The company on Tuesday raised a $130mn loan backed by its bitcoin, which it said would be used for purposes including buying back stock. The Smarter Web Company, the UK’s biggest bitcoin buyer, has experienced a 44 per cent stock price drop this year. It is valued at £132mn while the bitcoin it holds is worth about $232mn.
I mean, honestly... just take the reputational hit: close up shop, retire your company, and walk away with a nice 100 mil quid.
It's cute, too, that we got to the point that this is a common, respectable thing to say. When I said that in the summer, idiots like Saylor et al said "nuh, bru, look so many banks and insurance companies around. WE CAN TREASURY COMP ALL DAY" (read in retard voice, please)
Ah yes, music to my ears:
While bitcoin and ether sellers can find buyers, companies with more niche tokens will find it more difficult to raise money from their holdings, according to Morgan McCarthy. “When you’ve got a medical device company buying some long-tail asset in crypto, a niche in a niche market, it is not going to end well,” he said, adding that 95 per cent of digital asset treasuries “will go to zero”.

God, pleaeeease let them all vanish.

archive not doing its thing: https://archive.md/P3OZ6
102 sats \ 0 replies \ @OT 1h
Since you're the treasury company guy, can you make a list of all the influencers who were on boards or consulting for them so we can shame during the bear market?
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Just like NFTs somehow magically hang on and resurface every once in a while, I suspect that treasury companies and their mangled playbook will probably keep popping up for a good while yet. The people like the leverage, but the people are retarded...so they need someone else to package it up for them and make them feel like good traders.
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I doubt they'll all vanish. Over the summer you documented plenty of reasons for these types of companies to exist but you also documented reasons why lots of them can't exist.
I suspect Strategy will survive this and most of the others won't. Strategy will then become the bitcoin treasury company for investors and it will enjoy a modestly elevated mNAV.
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