NOOoooeeeeeh!
These guys are too late to the party.
Issuing stupid financialization schemes was LAST YEAR'S fad! Saylor (...and NAKA and Strive and XXI etc etc) are suffering accordingly. #1514431
...but maybe this time will be, uh, sl-AI-tly different??
"SpaceX is one of the most extraordinary companies of our generation"
First of all, a year ago, the “_____ treasury company” trade was hot. Mostly it was the “digital asset treasury company,” or DAT: A company would acquire a pot of crypto (say, $500 million of Bitcoin or Ether or Solana or whatever), and investors would get so excited that its stock would go up and it would be worth $1 billion. “The US public stock market will pay $2 or more for $1 worth of crypto,” as I put it, and a lot of companies noticed. There were many, many DATs, and the idea expanded beyond crypto. There was a gold treasury company, and a GameStop one.
Oddly, the gold and GameStop ones (+ most of the bitcoin ones) were never heard from again.
"That trade is stone dead now; lots of DATs now trade below their net asset value, and investors have lost a lot of money."
Even the hopelessly behind-the-times Swedish financial press expressed how they went from 'frying hot' to 'ice cold' #1514062
a year ago, the “pay a huge premium for exposure to SpaceX stock” trade was also hot. SpaceX was a private company, ordinary investors could not easily get their hands on shares, and they wanted to. There were all sorts of people peddling all sorts of ways — closed-end funds, special-purpose vehicles, forward contracts, tokenization, EchoStar — to get exposure to SpaceX stock, and the going rate for that exposure really was a 50% or 100% premium to the stock price.
The new SpaceX-space balance sheet company's stock
...closed yesterday at $0.7691 per share, for a market capitalization of about $15 million; it got as high as $5.30 per share this morning, for a market capitalization of about $104 million. [2] (By noon it was down to about $3.18 per share, or $63 million.) Good for them.
layers and layers and layers of intermediaries and permissioned share. Alas, a SpaceX-treasury company! An incredible innovation. (But a neat little discount, at around $105 a share, implicitly.)
"If you buy shares of Triller, you own shares of a company that owns shares of a company that owns shares of a company that owns shares of SpaceX."
You will not believe what else the company is involved in!
a social media and live-streaming platform focused on music, sports, fashion and culture, together with AGBA Group, a Hong Kong-based financial-services and platform business with longstanding operations in wealth distribution, healthcare and related services across Asia. last year it lost $174.5 million on revenue of $21.6 million, mostly from insurance commissions
The last idiot in financial markets is yet to emerge. I feel better about my pathetic sats now.
I am not so smart as these people. Does this mean I can do a treasury company with...anything?
My lids have a lot of pokemon cards. Some of them are probably gonna be worth some real dollars twenty years from now or whatever. I need to research how I can make this a strategic treasury asset.
Also: do houseplants count? Is there a houseplant treasury company? Or a book one?
Yes, I'm planning to launch a random-crap-in-my-garage treasury company.
Did I miss your takedown, I mean editorial exposé on Kwasi Kwarteng the former British Chancellor (Liz Truss PM era.....about 35 days in power, yeah that one) he is the front face for a Bitcoin treasury company nowadays
Nope, haven't looked into them but that's a good suggestion
Love it
SpaceX should treasure gold ingots on the moon or Mars. Not bitcoins. Buying and holding onto bitcoins does not create scarcity pressure because human beings being human beings will eventually yield to a little market red and sell.
Now put 100 tons of gold ingots on Mars and next month, red everywhere. Oops, gotta wait out a year before you cash out.
Hence, any mispriced feelings causing market panic get put aside. Back to reality. Back to low time preference.