Price to Book (P/B) of any equity trades >1x when the expected Return on Equity (ROE) is greater than the Cost of Equity. The ROE of Bitcoin Treasury Companies can be greater than $BTC ARR, if the cost of leverage is lower than $BTC ARR. This is how leverage works for purchasing any asset. GBTC had no ability to take on leverage. It didn't have optionality with its capital structure or operations. Plus, it had a drag from its management fees.

$NVDA is trading near its cheapest valuation in a decade. You’re paying a market multiple for the core compute engine of the entire AI economy powering the largest infrastructure buildout in history.

Cathie Wood's $ARKK bought $525 million $SPCX shares

A serious point to consider; 25 trillion transactions are done by visa and mastercard, none of which are FINAL SETTLEMENT, NOT for at least 180 days. Bitcoin is a SETTLEMENT system and did 25 trillion dollars of settlement transactions, versus Visa and MC's 26 TRILLION OF unsettled transactioins, of which 7% will lead to refunds and 1% will lead to a reversed transaction from disputes, fraud and chargeback claims.

Why are you trying to muddy the waters for the plebs? Issuing MSTR and buying BTC with the proceeds when basic mNAV is less than 1.0 is dilutive for MSTR shareholders, and we both know that. You just did that last week. How much Bitcoin do you think Saylor is going to need to dump in order to pay the STRC dividend going forward? Or will he choose to massively dilute MSTR holders instead? By the way, I was a CFA charter holder, so I do know the answer to your first question, but I refuse to participate in your gaslighting. Gaslighting seems to be a company value over there

BREAKING: Elon Musk has become the first trillionaire

JUST IN: Elon Musk's SpaceX $SPCX is now officially trading live on the NASDAQ. They hold 18,712 BTC on their balance sheet 🚀

Very interesting and scary report from Morgan Stanley The financial engineering behind hyperscaler capex The truly unsettling part of the AI boom isn’t how much money is being spent It’s how that money is being engineered through accounting Hidden liabilities (> $1.8T) Huge obligations sit off‑balance‑sheet: nearly $1T in purchase commitments, $800B in leases not yet started, $2T in RPO. Future cash outflows that don’t show up as debt. The coming depreciation hit Profits look good only because spending is stuck in CIP. Big Tech faces $520B in depreciation over 3 years. ORCL’s depreciation ratio: 7% → 28%. Supplier financing pressure Unpaid capex is ~$110B. ORCL’s DPO exploded from 35 → 170 days. The whole supply chain is effectively financing the AI build‑out. Lease accounting gray zones Whether GPU contracts count as leases or services is subjective — and companies use that flexibility to shift billions on/off the balance sheet. $ORCL = the most aggressive Largest lease commitments, RPO up 300% , capex‑to‑sales hitting 189%. Oracle is running the highest financial leverage in the ecosystem.

CPI 0.5% MoM, Exp. 0.5% CPI Core 0.2% MoM, Exp. 0.3% CPI 4.2% YoY, Exp. 4.2% CPI Core 2.9% YoY, Exp.2.9%

🚨BREAKING: SoftBank tried to borrow $6 billion against its 13% OpenAI stock… to keep funding OpenAI Banks said NO They don’t believe OpenAI is worth $852 billion 💀

I remain bullish on Bitcoin.

NEW IN: There's now an 81% chance the Fed will not cut rates this year.

Thanks @beeple, I’ve been a fan of your art for a long time. This is my new favorite. When I decided to sell my art I wanted every piece on the blockchain and to accept Bitcoin as payment. “The Internet of Money” by Andreas Antonopoulos really opened my eyes.