Is nature healing?
Our good friend @denlillaapan did a heroic job cataloguing the exuberance of Treasury Company Summer, and it makes me a little sad that he isn't giving us a rundown of this moment.
“the weaker players are going to be basically wiped out by the market, most likely”
FT isn't just down on the weird xrp treasury companies that nobody has ever heard of, though:
The shares of Japanese hotelier-turned-bitcoin hoarder Metaplanet, Asia’s biggest bitcoin holder, have dropped 68 per cent from their peak in mid-June, while those of Smarter Web Company, the UK’s biggest bitcoin buyer, are down 70 per cent over the same period.
Somehow, there are still idiots willing to buy shares of a solana or Worldcoin treasury company
Despite the recent sell-off, new vehicles are still being launched. On Tuesday, design manufacturing group Forward Industries raised $1.65bn to launch a solana treasury strategy. Packaging company Eightco Holdings loaded up on Worldcoin tokens on Monday, sending its shares soaring.
When I hear about cases like this, I must confess I'm more than ready for a collapse in such endeavors.
One interesting point in the article though:
larger companies will probably buy smaller ones to acquire their tokens at a discount.