It will depend on leverage ratios, ability to continue to find new capital, and not getting liquidated during a draw down. If people foresee continued ability to appropriately manage leverage while still accumulating Bitcoin, some premium will remain. But over time, yes, it will trend to zero.

Eventually the treasury of choice is bitcoin (instead of US Treasuries) and the premium is just the premium, it’s just no longer novel.

I'm not pretending to fully understand his financial engineering. I don't. I'm just skeptical of the idea that he's found an infinite money glitch. For multiple reasons really, but mainly because most of the big financial disasters blindside most people. I'm bearish on the idea that one man has it all figured out. And I'm shorting him by just holding my own Bitcoin instead of his stock.

Easy money usually has a breaking point somewhere.

But it may lead to mass adoption and other benefits in the meantime. And maybe I'm just wrong. But I've placed my bet against his package as a whole.