true, true. I mean, if they were (briefly) trading at 0.98 of their holding the arbitrage/spin-off wouldn't be worth it -- in part for the reasons you highlight. 

But some of them, quite a _lot_ of them, are trading in the 0.5-0.7 range. That gives _plenty_ of leeway... or **margin of safety as Mr. Buffett** himself would have said

denlillaapan

Shouldn't there be at least some discount (representing the cost of forcing the company to sell it's bitcoin at market prices and the risk that something goes wrong in that process) on the bitcoin held by a treasury company? So it makes sense that a lot of the treasury companies are valued at less than the value of their holdings -- I'm sure some of the people who know how to do things with statistics could tell us pretty closely what this appropriate discount is.