Every company can’t employ this strategy. As the strategy gets crowded, the market will function similarly to debt markets … at the extreme, if ExxonMobil decides to deploy it, then capital will choose them over Marathon bitcoin mining doing the same strategy. The stability of cashflows is paramount to the fiat debt to build a treasury reserve strategy and bitcoin miners have nearly the opposite dynamic.

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Right, the question is, when does a large player with tons of cash flow (and or growth) enter the market.