Satoshi saw this coming back in 2009 when he said: "As a thought experiment, imagine there was stock that feels as "blue-chip" as APPL, but with these curious traits: -boring business model -not a good conductor of cashflow -no particularly strong moat, with an open-source playbook anyone can copy -utterly useless for dividends or when looked at by financial advisors and one special, magical property: -can transform fiat into paper bitcoin via speculative attack If it somehow acquired any value at all for whatever reason, then anyone with trapped capital wanting to increase their wealth could buy some, hold it, and receive bitcoin gains. Maybe it could get initially valued at NAV as you've suggested, by people foreseeing its potential usefulness for escaping the fiat ponzi. (I would definitely want some) Maybe degens, any random reason could spark a NAV premium. I think the traditional qualifications for shareholder value were written with the assumption that there are so many competing strategies in the market that are accretive, a stock with the automatic bootstrap of pulling forward future bitcoin gains will surely win out over those relying on net present value. But if there were nothing in the market with a bitcoin treasury that could accrete shareholder value via treasury operations, only profitable but no bitcoin torque, I think people would still take up something. (I'm using the word profitable here meaning in unlimited fiat units)"