How GBTC Revealed MNAV Fragility

"In 1929, one of its largest holdings was the Shenandoah Corporation. Another closed-end fund, organized by Goldman Sachs... that became a large investor in its stock.

All these funds traded at Premia. At the top of the pyramid, the Goldman Sachs Trading Corporation traded at a premium to a premium to a premium to net asset value."

In the Roaring Twenties, Goldman Sachs built a pyramid of trusts on top of trusts—trading at “a premium to a premium to a premium.”

Today, we see Bitcoin treasuries and corporate leverage playing the same game on a harder monetary base.

The question isn’t whether it will collapse—it's whether Bitcoin changes the rules before history repeats.

Check out the original article Bitcoin TreasuryCos & The Roaring 20s: Speculative Attack! Part II by Be Water (Link: https://bewaterltd.com/p/bitcoin-treasurycos-and-the-roaring)

Links & References

• Speculative Attack Part 1 (Link: https://fountain.fm/episode/eShOXODGdCH3BD3M9Mzn)
• The Flight into Fake Values by Be Water (Link: https://bewaterltd.com/p/the-flight-into-fake-values)
• Money: The True Story of a Made-Up Thing by Jacob Goldstein (Link: https://www.goodreads.com/book/show/50358103-money)
• Reboot - Shelling Out: The Origins of Money [Nick Szabo] on Fountain (Link: https://fountain.fm/episode/x8tdmijTWRqQwNkwLyL4)

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