How much of this farce was enabled by mark to market accounting?  That is, calculating the book value of your entire holdings using the last traded price?  Even if you clearly wouldn't be able to liquidate your entire holdings at that price.
  


SimpleStacker

econ

Yes, Bitcoin Treasury Companies are Scams (Money Stuff, Matt Levine)

denlillaapan

This is all part of the messy process of price discovery. 

If the true present discounted value of bitcoin is 10x the current fiat price, then the treasury companies might have caught the right wave and accelerated us to that point. 

At least that was a plausible enough story at the time. 