Bitcoin Price Hits $117,000 as Treasury Stocks Like MSTR, NAKA Collapse

Bitcoin Magazine Bitcoin Price Hits $117,000 as Treasury Stocks Like MSTR, NAKA Collapse

The hangover from the paper bitcoin summer delusion has arrived, swiftly and painfully. We see it, not in the bitcoin price, which is once more calmly and unremarkably ticking upward — pushing up against $117,000 Tuesday evening — but in the stock prices of bitcoin treasury companies. They’re all getting slaughtered: Look at the graphs of $MSTR, Metaplanet, $NAKA, H100, Smarter Web Company and they all look the same — shitcoin-style pump into the heavens, followed by a drawn-out decline back to where they started (or well below it).

For a while there, we — and the rest of Wall Street — thought anyone could arbitrage financial markets. Issue shares at above their intrinsic value; buy bitcoin; repeat.