Are bitcoin treasuries mirroring the 1929 investment trust collapse?
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Are bitcoin treasuries mirroring the 1929 investment trust collapse?
As the bitcoin (BTC) treasury company bubble of spring 2025 deflates into summer doldrums, historians of public trusts are already starting to contextualize what happened. At their peak in May, shares of David Bailey’s BTC treasury traded at 23 times the value of its treasury. Even altcoin treasury stocks rallied to double-digit multiples of their Net Asset Value (‘mNAV’). Fast forward to today, and the majority of BTC treasury companies that we…
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