David Bailey announces a new BTC holding company which will merge with micro-cap KDLY to buy BTC, funded by debt and equity.

The KDLY stock is up 500% on the news.

Given how easy it is to buy BTC and how easy it appears to be to issue a holding company, I can't see a world where these continue to trade at a premium to NAV.

A discount to NAV feels much more likely, sooner than later, which basically defeats the purpose of them.

Everyone is trying to cash in on the Saylor premium. I just can't see that premium lasting given how easy it is to create more supply.