Doesn't this just prove how irrational people can be? Sure, it's better than a company with no BTC holdings, but if someone cares about a company's Bitcoin stash, why not just buy Bitcoin directly instead?
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Its correct, though. The value of a company with a treasury is higher than the value of a company with no treasury. The market found a more accurate price.
Makes sense, I know. But somehow it also doesn't feel right.
Not so much a proxy play here, as you suggest.
If you say so...