Crypto treasury companies will be a disaster for equity investors, just like SPACs Sponsors come out ahead while retail gets clobbered If you want exposure to crypto then buy the ETFs or directly on exchanges and chill Below you’ll see a pointed report by Michael Cembalest (Chairman of Market & Investment Strategy at JPMorgan) where he analyzes the value destruction of SPACs. I think the same will end up being true for crypto treasury companies. Multiples over NAV is not sustainable. Crypto has a tendency of repeating the same mistakes of traditional markets I appreciate Cembalest’s no nonsense approach covering markets. Study history as a way to protect yourself from the “this time is different” nonsense
Here’s the full report:
34,66K