Episode Details

In the first quarter of 2026, a shift occurred in the market for public companies holding Bitcoin. Forty percent of these firms now trade at a discount, indicating a decrease in shareholder value. Companies are divided into two groups: promoters who hoard Bitcoin and hype the market, and asset managers who treat it as a tradable asset. Critics argue that the promoter model is a fleeting publicity stunt, while analysts label big players as risky schemes. The old promoter tricks no longer work, and survivors are pivoting to smart moves like basis trades to grow holdings steadily. As the market matures, only top names with massive scale may cling to the hype model, while most need to focus on real management skills to win back trust.

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