Matt Levine on Bitcoin treasury company accounting in his latest newsletter Anyway, so far, the BSTR trade doesn’t seem to be working particularly well: At noon today, the SPAC’s stock was trading at around $13.93 per share, implying only about a 39% premium on BSTR’s stash of Bitcoins, well below my normal expectations of 100+% premiums. Perhaps the market for this sort of thing is finally getting a bit saturated?