Call them stupid how many times you want, but $BTC treasury companies are simply one of the most powerful form of corporate structure that ever existed for growth

Metaplanet grew from $10M to $5bn market cap in 18 months by switching to this new model

Do you realize how hard it is for a company to get this kind of growth ?

Do you also realize that this growth is already "secured" by holding a giant stack of $BTC (=NAV).

You don't get rewarded on the public market for doing hard stuff

BTC miner companies are struggling and permanently underperforming BTC when they could have just followed the Saylor playbook for years and be 10 times larger and healthier now

Coinbase is now doing a $2bn convertible bond, probably to fund some purchase, and then they have to hope that this purchase will provide an ROI over the years

But the truth is that the road they are on is much harder than $MSTR. Good luck finding investments that can get you the same ROI as $BTC with the same level of consistency.

$COIN vs $BTC is in a range since 2022. At some point the ratio will probably break down, as there is no guarantee that COIN is able to keep up with BTC CAGR.

While $MSTR is literally designed to outperform BTC CAGR on a long timeframe.

Being anchored to one of the most powerful financial assets on earth, and denominating your growth in BTC terms, is a cheat code for outperformance if you trust bitcoin enough.