Mark Moss explains why Bitcoin treasury companies can beat simple Bitcoin holding. If you borrow 30% against your Bitcoin to buy more, your returns multiply when the price rises. Treasury companies use leverage and professional management to achieve more than 1x exposure to Bitcoin.
If you buy a Bitcoin and I buy a Bitcoin and Bitcoin 10x's, who makes more money? Same. Same. If I borrow 30% against my Bitcoin and buy more Bitcoin and you don't and it goes up 10x, who makes more money? You. Why? Because you've leveraged it. Leverage, right? So that's just basic math. So why would a Bitcoin treasury company trade for more than 1x? Because they're applying operational excellence, management, and leverage.
