How MNAV Premiums Create a Self‑Reinforcing Loop

"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)

Check out our awesome sponsors!

• Ledn: Need fiat but don’t want to sell your Bitcoin? Ledn offers secure, Bitcoin-backed loans with no credit checks, flexible repayment, and fast turnaround—often within 24 hours. With $10B+ in loans across 100+ countries and transparent Proof of Reserves, Ledn is a trusted option for unlocking liquidity without giving up your Bitcoin. (Link: https://learn.ledn.io/audible)
• HRF: The Human Rights Foundation is a nonpartisan, nonprofit organization that promotes and protects human rights globally, with a focus on closed societies. Subscribe to HRF's Financial Freedom Newsletter today. (Link: https://mailchi.mp/hrf.org/financial-freedom-newsletter)
• OFF: The Oslo Freedom Forum is a global human rights event by the Human Rights Foundation (HRF), uniting voices from activism, journalism, tech, and beyond. Through powerful stories and collaboration, OFF advances freedom and human potential worldwide. Join us next June. (Link: https://oslofreedomforum.com/)
• Pubky: Pubky is building the next web, a decentralized system designed to put control back in your hands. Escape censorship, algorithmic manipulation, and walled gardens by owning your identity and data. Explore the Pubky web and become the algorithm today. Don't forget to find me on my Pubky ID here: pk:5d7thwzkxx5mz6gk1f19wfyykr6nrwzaxri3io7ahejg1z74qngo. (Link: https://pubky.org)
• Chroma: Chroma is dedicated to advancing human performance and well-being through cutting-edge light therapy devices and performance eyewear. Their mission is to enhance physical and mental health, unlocking peak human health, cognitive function, and physical performance. Get 10% off your order with the code BITCOINAUDIBLE. (Link: https://getchroma.co/?ref=BitcoinAudible)

Host Links

• ⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney)
• ⁠Guy on X ⁠(Link: https://twitter.com/theguyswann)
• Guy on Instagram (Link: https://www.instagram.com/theguyswann)
• Guy on TikTok (Link: https://www.tiktok.com/@theguyswann)
• Guy on YouTube (Link: https://www.youtube.com/@theguyswann)
• ⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible)
• The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)