Bitcoin’s Unequal Love Affair

No, dear reader, the markets are a discerning mistress, and they care not just that a company holds Bitcoin, but how it holds it. It is a distinction that has led to some most intriguing disparities in the valuation of certain firms. For instance, Strategy, that great bastion of Bitcoin enthusiasm, trades at nearly double the valuation of its BTC holdings, while Marathon Digital, with its 85% Bitcoin-backed market cap, trades at a mere par with its reserves 🤔.




