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$BTCT

Jonathan Bates, BitMine CEO, stated, “We are very excited to establish our Bitcoin Treasury and fulfill our commitment to invest 100% of the transaction proceeds into Bitcoin.” From June 17th ...

So now we have a #bitcoin treasury company ( $BMNR) pivoting into an #ethereum treasury company. Bitcoin treasury field becoming too crowded?

A lot of new Warren Buffets leading all those treasury companies. If #bitcoin goes 10x-100x as they promise, they need serious capital allocation skills. Capital allocation requires skill, farming retail doesn't. Stating the obvious, I know.

Bitcoin treasury heads starting to mention $ETH. More of this is to be expected if $BMNR (pivoted from #bitcoin to $ETH) can somewhat maintain it's mNAV. They give zero fucks about the assets they work with. Can be gold, silver, copper, btc or eth as long as they can farm retail

Slowly starting to see some very weak "cover your ass" statements from bitcoiners promoting & working for treasury shitco's. Expect this to become stronger. If you are the first one to leave the ship, you might still have a shot at repairing your reputation.

I’m just going to say it since others haven’t posted this on here yet although it’s widely known. Falcon Stable holds tens of millions of dollars in bad debt and is a scam; •Their “stablecoin” is backed by illiquid assets and holds tens of millions in bad debt as a result, and

What #bitcoin treasury companies (and stock holders) are eventually going to find out, is that the majority of their stockholders were never really orange pilled. It is hard enough to hodl bitcoin through 50%+ drawdowns despite having been orange pilled (having conviction)...

Opened a small pair trade. Would love to size it, but margin requirements are crazy, so is volatility. Short $BMNR Long $SBET Thesis: $BMNR private round which trades at 20x becomes liquid within 50 days. $SBET already took the nosedive because of that reason.

👀

On the news of the ATM. Isn't that the whole business model? 🙃

Printed on both legs. $SBET was a quasi hedge with upside potential. Closed part of the $BMNR short (although I believe it will go lower), will re-enter if I get a good opportunity. Keeping the $SBET part open for now as the market looks risk-on.

Looking at developments in the $ETH treasury business. As expected, as scammy as #bitcoin treasury business. "Arms'-length" hilarious

Biotech is one of the hot sectors when it comes to treasury business pivots. Latest being $SONN. Most Biotech companies are capital intensive and pre-revenue. The best combination to scam investors. Similar to junior miners.

Likelyhood for an orange pilled #bitcoin holder to sell bitcoin and buy #ethereum: very low Likelyhood for a #bitcoin treasury stock holder to sell bitcoin treasury stocks and buy ethereum treasury stocks: very high When it comes to price action, this might be very bullish eth.

$MFH June 12: announcing the launch of a bitcoin treasury strategy July 15: DeFi basket treasury strategy You see...

Treasury companies starting to pivot from #bitcoin to #shitcoins, even prior to their initial bitcoin acquisitions...

It wouldn't surprise me if we see treasury companies running the ATM below book value this cycle. Management has to be paid and related party transactions have to be financed...

More people should start using Inverse and more specifically FIRM as a fixed rate product, with the DOLA bad debt about to be cleared there are no longer any excuses not to.