Chaitanya Jain(@CJ_Bitcoin):Price to Book (P/B) of any equity trades >1x when the expected Return on Equity (ROE) is greater than the Cost of Equity. The ROE of Bitcoin Treasury Companies can be greater than $BTC ARR, if the cost of leverage is lower than $BTC ARR. This is how leverage works for purchasing any asset. GBTC had no ability to take on leverage. It didn't have optionality with its capital structure or operations. Plus, it had a drag from its management fees.

Chaitanya Jain

@CJ_Bitcoin

Bitcoin at @Strategy | Ex-Private Equity @Blackstone | MBA @HarvardHBS | Ex-Pres. HBS Bitcoin Club | Mechanical Engg. @iitbombay @iitb_moodi

参加 March 2015

1.2K フォロー中 20.1K ファン

Chaitanya Jain@CJ_Bitcoin

2026.06.14 18:51

Price to Book (P/B) of any equity trades >1x when the expected Return on Equity (ROE) is greater than the Cost of Equity. The ROE of Bitcoin Treasury Companies can be greater than $BTC ARR, if the cost of leverage is lower than $BTC ARR. This is how leverage works for purchasing any asset. GBTC had no ability to take on leverage. It didn't have optionality with its capital structure or operations. Plus, it had a drag from its management fees.

475

コミュニティへ転送

人気のあるユーザー