Exactly! Imagine how much Anthropic would be worth if there was no other SOTA LLM and the closest one was 10 years behind - SpaceX is that and much more. The finance bros will eventually be forced to chase the stock. Consensus view is a sharp sell-off but I don't see it coming. Elon has secured meaningful Rubin capacity and I won't be surprised if he routes some of that to Elon Web Services. SpaceX will grow into its valuation faster than the stock supply will come online
GBTC traded at a premium to NAV for a long time. Until it didn't. The fundamental always wins. This grinded back close to zero. The Bitcoin Treasury companies are not the same as GBTC. But if you think the market doesn't figure out risk...the fiat price doesn't need to go down!
@parkeralewis@BitPaine@BitcoinPierre "I can't keep working for you for free". I don't need you working for me at all, but as @BitPaine pointed out you clearly aren't working for free. Good for you!
Too long didn't read all that. The stock should trade a discount to NAV given the incremental risk and because each investor can buy the identical underlying asset with incremental risk. We can come back to this and see who was right.
But again my point was about whether the shareholder base that plowed into Strategy common equity has a good understanding of bitcoin and if they are good at pricing risk. The existence of the scale suggests otherwise.
And I'm just recommending people do exactly what you are doing. Sell the premium in the stock, buy bitcoin.
@parkeralewis@ColeMacro "Too long didn't read all that". Matt's time is worth a lot more than yours kid and he's engaging with you in good faith. Be humble
@parkeralewis@ColeMacro@Werkman In your quest to be smart you're simply mid-curving it. All the analysis you've presented is flawed and frankly I've had first week interns present better work.