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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
Jul 18, 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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