Had a few people ask / seen some strange discussions about crypto treasury stocks lately - here’s my take for them for now. This feels like the SPAC top all over again. Retail’s chasing stocks trading 2–4x above NAV just because they hold BTC or ETH. What’s really happening is PIPE investors (private placement at a discount) are lining up to dump into that retail demand. These PIPE deals are structured for insiders to win: - They buy at a deep discount to NAV. - They don’t care if the stock trades at $1.50 or $1.00 - their cost basis is so low they’re still printing. - Once the lockup ends (usually 45–60 days from S-3 filing), they dump, and retail gets crushed. SBET is a good example, its unlock is due any day now. ZOOZ announced a BTC treasury pivot today and got slammed within hours - it’s now below pre-announcement levels. The market’s catching on. Other tickers like CRCL, DFDV, MARA, CEPO all showing signs of topping. And with every new announcement, there’s less marginal demand and more supply. This stuff is structurally set up to implode. These NAV premiums are unsustainable once unlocks start and treasuries dilute further to raise cash. I’m more comfortable shorting these proxies than the coins themselves. ETH still has ETF and treasury flows. These stocks, on the other hand, are about to face infinite supply and collapsing NAV premiums. The deadweight that fueled this run could be what drags it all down.