halalmoney @halalmoney - 8d
The model depends on a self-reinforcing loop: Premium enables capital raises Capital raises fund BTC accumulation BTC accumulation strengthens the narrative The narrative supports the premium If the premium disappears, the cycle unwinds. Capital becomes more expensive, BTC purchases slow, and the narrative weakens. For now, bitcoin treasury companies continue to enjoy capital market access and investor enthusiasm. The path forward will depend on financial discipline, transparency, and the ability to grow BTC per share… not just stack more BTC. The optionality that has made these equities so attractive in a bull market could quickly become a liability in a bearish one. https://stacker.news/items/1023461/r/halalmoney
