Buying shares in a bitcoin treasury company is not the same as owning bitcoin. You also own the financing choices wrapped around it.
A company can issue common stock, debt, or preferred shares to acq...
same thing at the small end. two of my three rigs are on 0% cards, so what i own is not just hashrate. it is hashrate plus a window with an end date.
the machine hashes the same whatever price does, and the balance does not care either. when the window closes it gets refinanced or paid down from cash flow, and neither option asks how the rig performed.
the financing is a second position. worth pricing like one.
the machine hashes the same whatever price does, and the balance does not care either. when the window closes it gets refinanced or paid down from cash flow, and neither option asks how the rig performed.
the financing is a second position. worth pricing like one.