LOL,
I mean, it's kind of sad to kick people who're down... but the treasury company people deserve it for so unsuspectingly parting with their sats at crazy mNAV.
Retail investors have lost an estimated $17 billion in an attempt to gain Bitcoin exposure through digital asset treasury firms such as Metaplanet and Michael Saylor’s Strategy, according to a new research report. These losses came from an overpricing of share premiums that allowed these companies to sell stock for far above the value of their actual crypto holdings.
Everyone is a scammer, and every cycle has new scammers trying to get fresh, cheap sats from new sources. 2025 was the year of the bitcoin treasury scams companies.
As always, financial gravity applies -- can't really blame the companies for trying to do this:
The strategy of most Bitcoin treasury firms was a fairly simple one: sell shares at a premium to the company’s net asset value, use the spread to buy Bitcoin, rinse, repeat. From a $1 billion investment in Bitcoin, Metaplanet’s market value soared to $8 billion before falling to $3.1 billion while holding $3.3 billion in Bitcoin, the researchers noted.
THIS is true (and interesting):
In their view, Bitcoin treasury firms need to move away from paying for their Bitcoin with “inflated” NAVs to functioning more like arbitrage-driven asset managers
archive: https://archive.is/WFOIy