それは、ヴァネックの天才であるマシュー・シーゲルが再び公共の舞台に連れて行ったとき、または農民が今それを呼んでいるように、彼はカッサンドラと疲れた簿記係と呼ぶように、彼は、彼はビットレッドの歴史の歴史の歴史を捨てて聖なる歴史を持っているために、おそらく聖職者のために聖なる歴史を持っていないため、ザ・ビットの歴史を持っていない人を嘆きました。
「退屈な貴族のような株式を絶えず発行しなければなりません。シゲルはため息をついて、形而上学的なひげをひっかきました。テクノロジーでさえ、この不変の法律から逃れることはできません。あなたの略奪品を細かく分割しすぎて、すぐに救助が略奪になります。
彼は彼の予言を発行しました：会社の株式がその純資産価値、またはそれ以上にホバリングした場合、つまり、飢えた株主によって暗号の引きを分割する幽霊のような数は、報道機関をまださせます。停止、停止、捨てられ、彼は懇願しました、短期のルクレの出産への欲望は、それが非常に深刻であり、財政の幽霊が信じられないほど頭を揺さぶることを残すでしょう。
“No public BTC treasury company has traded below its Bitcoin NAV for a sustained period.
But at least one is now approaching parity.
As some of these companies raise capital through large at-the-market (ATM) programs to buy BTC, a risk is emerging: If the stock trades at or near…
— matthew sigel, recovering CFA (@matthew_sigel) June 16, 2025
He declared—though with a certain rye-bread dryness—that the ancient art of “buybacks” ought to take precedence, especially when Bitcoin soars and stock prices suffer from an unexplained lassitude, perhaps from too much borscht. If the discount remains, start a “strategic review,” which for those uninitiated, means a lot of walking through gloomy hallways, muttering, “What now?” 🤔
Sigel, that wily sage, even suggested that executive rewards should rest not on the sheer expanse of one’s Bitcoin heap, but upon the alchemical achievement of NET ASSET VALUE PER SHARE. “Once you are trading at NAV, shareholder dilution is no longer strategic. It is extractive,” he warned—not so much with fire as with the sigh of a man who has seen too many spreadsheets.
Meanwhile, the bureaucrats themselves churned out yet another report (June 2025, for what it matters), announcing to startled cows and mild-mannered portfolio managers that 61 public entities now clutch collectively 673,897 BTC—like a Tolstoyan family hoarding samovars. Of these, a princely 58 trade above “mNAV,” a metric which confirms, for those of us still awake, that investors still delight in overpaying for Bitcoin adjacent memorabilia.
A brief lesson for the peasants: mNAV above 1.0 means company shares cost more than the actual gold (Bitcoin) in their coffers. mNAV below 1.0? They’re trading cheaper than a Turgenev novella in a secondhand Moscow kiosk.
Strategy—ever the overachiever—remains the reigning czar, lording over its 582,000 Bitcoin, mNAV at 1.91, and hoarding like an elderly aunt with too many cats. A recent binge saw them scoop up 74,000 more coin and issue preferred stock worth $250 million. “Why buy less if you can always buy more, and then send a polite note to shareholders apologizing?”—their unofficial motto.
Not everyone shares in the jubilation. Semler Scientific and Trump Media & Technology Group, those tragic Chekhovian uncle-figures, languish with equity premiums to NAV at -10% and -16%. One imagines them brooding on a terrace, staring into the middle distance, asking the eternal Russian question: “To issue or not to issue?”
Such are the times, dear reader. Sit and watch—preferably with vodka handy—as the dance of dilution continues, perpetually on the knife edge of profit and calamity. 🥃🐻
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2025-06-16 11:09