Blogger under the nickname Pledditor presents an intriguing scheme explaining how early Bitcoin holders can value their assets at $1,000,000.
What is the scheme described by Pledditor?
In a recent Twitter post, Pledditor analyzes how 'Bitcoin OGs' (like David Bailey, Adam Back, and others) can trade Bitcoin at one million dollars.
"Bitcoin did go to $1,000,000 this cycle, it's just the value wasn't captured by 'you'. It was captured by 'them'."
According to Pledditor, large Bitcoin holders can securitize their assets by creating a treasury company that attracts attention through Twitter. Initially, once the market net asset value (mNAV) hits ten, the company founder can sell common stock while keeping preferred shares.
Comparing Treasuries to SPACs
In this post, Pledditor compares treasury companies to SPACs (special purpose acquisition companies). This comparison is increasingly common in crypto Twitter circles.
"Bitcoin and other crypto treasury companies are the new SPACs. The only people that got rich off the SPAC model were those who created it."
Pledditor points out that most SPACs usually do not benefit retail investors. Goldman Sachs analysts argue that companies with high mNAV may face liquidation pressures if Bitcoin prices drop below a certain level.
Which Treasuries Can Boast 10x mNAV?
While most treasuries do not exceed an mNAV of 3.0, several companies have already reached the threshold mentioned by Pledditor. NYDIG recently reported that several companies, including GameStop and Nakamoto, have mNAV rates above 10. These companies attract attention, and criticism towards them is rising as they follow in the footsteps of companies like Strategy.
The scheme proposed by Pledditor raises questions about the current state of Bitcoin treasuries and their real impact on the market. While several companies seem to profit from speculation, observers await further developments.
