One of the notable reasons 2025 underperformed is a lot of Bitcoin capital was coaxed into buying expensive Treasury company stocks, which then proceeded to decline by 90% or more, incinerating value....
This is the paper gold playbook repeating in real time — intermediaries absorbing demand that should flow directly to the underlying asset. Treasury companies function as a Cantillon layer where insiders capture the spread between investor capital inflow and actual BTC acquisition. The irony of Bitcoin investors recreating the very intermediary extraction they claim to reject is worth sitting with. How long before the market prices the gap between promised BTC exposure and actual on-chain holdings?
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