Highly profitable deserves an asterisk, they make a lot per employee and billions of dollars, but their return on equity isn't better than that of anyone else investing in treasuries... They're simply retaining the earnings in the form of Bitcoin, you could do that yourself with the yield from a moneymarket fund or any corporate that pays dividends or does buybacks.

The corporate structure introduces additional management risk beyond Bitcoin itself, plus speculative overpricing as the leverage ratio and cost isn't yet clear.

The macro is very interesting, just not the product. Monetizing treasuries with stablecoins while collateralizing Bitcoin seems to be the plan for getting the world off the broken dollar system without a humanitarian catastrophe. #897720