If you own a credit-worthy business, you can borrow long-ter | BitcoinPierre på Binance Square

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If you own a credit-worthy business, you can borrow long-term and put bitcoin on its balance sheet.

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In a theoretical world of costless arbitrage, mNAV > 1 could plausibly be shorted down. But in the real world, shorting the premium is expensive with borrow fees, has squeeze risk, can be slowed by ATM pause or buybacks, and is capital-intensive with BTC long. Add in upward volatility skew, potential positive carry of BTC on balance sheet, and the company’s option value of future leverage. These are durable structural factors for mNAV > 1 mean-reversion after bear markets.

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I don’t understand Nic’s perspective. Why is it good for institutional Authorized Participants to earn a spread arbing IBIT create/redeem, but it’s bad for a company to accrete BPS for the benefit of its retail shareholders by doing the same? Seems like a double-standard.

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Equating GBTC premium with bitcoin treasury company mNAV >1x doesn’t really work: the economics of creating GBTC at par accrued to third parties competing with each other and thus no self-limiting factor, and BPS drifted down with the fee. With a bitcoin treasury company it’s the common stock that accrues BPS from creating at par (ATM) and the self-limiting factor is that the company has a monopoly option on its own stock issuance, so it maximizes value by self-restraining issuance to balance its sell pressure (negative mNAV impact) with expectations of future BTC yield (positive mNAV impact). Add on top of that zero-coupon converts. Of course these companies have/can/will trade at <1x mNAV in a bear market, but that’s not a wipeout if the mNAV subsequently expands back to >1x in a bull market.

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The bitcoin price is volatile, like the top of a tree in the wind. But the bitcoin network is the most stable monetary system in the world, like the deep unseen roots of a tree.

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