বুল মার্কেট ব্যর্ফ কেন ফেইলড?

ডেবটের অলসিমি

আমি BTC ক্রয় করি nai—আমি कালীনভাবে BTC-এর अধिकार buy करि।Convertible bond-এর zero interest, redemption threshold—কাউকোও name kore nai।Strategy \(300M non-cumulative note issue kore, balance sheet e 582k BTC \)6.3B hold kore, but traded at $10.9B—a 73% premium over NAV।এটি leverage nai—এটি literary fiction।

The Silent Players

Investors retail trader nai—they pension fund o hedge manager jeno institutional market e direct access kore na. GBTC buy kore BTC-এর jagay, regulation er karone।2021-e GBTC 50% premium e trade hocche, 2022-e discount e collapse hocche—cash flow shesh hoye gel leh.

The Protocol Is the Asset

Strategy business growth-er karone rise hoi ni—capital structure bridge create kore traditional finance ar crypto chaos er majhe। STRF shares cumulative dividend paye; STRD paye na—but higher yield offer kore—the perfect asymmetry risk-taker er jonno jara value coin-e nai, right-e.

The Music Still Plays… For Now

Upexi \(1B PIPE diye SOL buy kore; SharpLink-er stock \)4 theke $124 jump hocche announcement-er pachhe—dilution engineered ignore by design।Options priced fundamentals-e na—but anticipation-e。 When every firm does this, premium collapse—not because Bitcoin failed—but because the system did. I don’t invest in assets. I invest in structures that outlive their hype.