Matt Levine’s Money Stuff: Everyone Wants a Bitcoin Treasury

Bitcoin treasury

The basic idea is that the US stock market will pay $2 for $1 worth of crypto. If you have a pot of crypto, you should merge it with a small US public company, because then your pot of crypto will be worth twice as much. This creates weird dynamics. I mean, it is a weird dynamic, but it creates further weird dynamics. Two are:

1. If you have a big pot of crypto, you will want a public company, so there is a good business in supplying public companies to crypto investors. (Particularly small public companies that don’t have ...