In January 2023, a "Bitcoin Treasury Company" called GBTC was trading at a 45% discount.

The only question on anybody's mind was how to get that discount to disappear. The answer to everybody, including GBTC who extracted a 2% fee on its 650,000 BTC was to convert to an ETF.

Now, just 2.5 years later, the exact same concept is being revived as "genius", and it is automatically assumed that these things should trade at a 200% premium.

Without passing judgement on whether these things are good investments or not -- it's just amazing that we could have gone between these two extremes this quickly.