Not that anyone probably cares, but the debate on Bitcoin Treasury companies is an interesting one. It seems clear to me that the hype that pushes MNAV significantly over the value of the regulatory arbitrage is the same force that can push it dramatically below one in the case of a market panic. It's interesting to think about what happens in this scenario.

And that's where the parallel to 1929 comes in. In theory, it's an opportunity to pick up cheap coins and some steep discount with mnav < 1, and some do, but then decline continues and now they're out of money. It won't help that in the hype, corporate structures have gotten intertwined and complicated and layered and there's a healthy dose of fraud. Panic continues...