Over the last few weeks I've spoken with many analysts on wall street They shared with me how clear the thesis for treasury companies was to them, but also how few people outside of the analysts who directly cover this industry understand that currently It's the best of both worlds I think - the thesis makes clear sense to capital allocators AND we are still in the early stages of people understanding it broadly One individual said no one believed him until he sat them down in front of a spreadsheet and demonstrated how a treasury company would work over time Always interesting to peak outside of the Bitcoin world and see where the rest of the world is currently at!

Basic thesis is the same argument I've made over and over again If you want maximum capital efficiency at buying Bitcoin this is it