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gojiberra gojiberra@nsec.app 3 months ago
Trying to conceptualize Tesla over the last couple days has seen me browsing thru some content of this fellow James. He just mentioned that $MSTR has a "sovereign put" that protects the MNAV above 1. That makes sense to me for all the BTCTCs' MNAVs to remain above 1. Because not only would there be a sovereign put on a larger Bitcoin Treasury Company like MSTR, but I could also imagine larger companies buying the smaller BTCTCs at a premium to MNAV=1. I'm trying to imagine the S&P index in which every company has bitcoin on their balance sheet. It already seems like Bitwise OWNB etf is the new S&P index. like, Bitcoin should outperform the S&P. But companies who earn more Bitcoin than they spend (and save it on their balance sheet) should outperform bitcoin. So therefore, if OWNB is a passive "bitcoin company" index, it *should* outperform bitcoin?

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gojiberra gojiberra@nsec.app 3 months ago
So OWNB ETF has 2 tiers: Tier 1: if bitcoin holdings represent> 33% of the value of the company --this is confusing because what happens when MNAV goes above 3? does it automatically drop to Tier 2? TIer 2: if a company holds at least 1000 bitcoin but < 33% of their market cap is bitcoin holdings. automatic 1.5% weighting in ETF That's why the TSLA weighting in OWNB is around 1.5% even though they have 11,000 bitcoin which is 10x more than BitFarms at 1100 bitcoins and 12% weighting.
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