I am becoming increasingly sceptical about the concept of a Bitcoin Reserve for companies (not countries).
Implementation details differ significantly, with some concerning signals among the latest newcomers.
I am going to analyse the different implementations across the various treasuries, trying to spot the red flags.
Now you've left me curious. I imagine you are going to open a specific thread about it?
There are many as of today with bitcoin for their reserves and with mixed results. MARA or SMLR have been trading at 1mNAV for some time now, so it doesn't seem to be working very well for them, while others like MSTR, Metaplanet or ALTBG have clearly benefited from the strategy.