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Matt Levine on BSTR: SPAC’s Bitcoin play trades at just a 39% premium—far below the typical 100%+ hype, hinting the market may be cooling off
18.7. klo 02.37
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?
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