কেন কোম্পানিগুলি বিটকয়েন কে সরাসরি কিনছে না?

Balance Sheet-এর Alchemy

আমি hype-এর पीछे nahi jai. Capital structure map kori। Strategy $1B company hoye naki BTC kine—convertible bond kine, 73% premium-এ NAV-এর uper। Why? Institution crypto custody korite parbe na। Tāi paper buy kore, Grayscale’s GBTC er moto.

Convertible Bond: Backdoor

STRF, STRK, STRD—তিনটি perpetual preferred stock, risk tolerance-এ calibrated। STRF: 10% cumulative dividend; STRD: no accumulation, higher yield, no safety net. This isn’t generosity—it’s derivatives engineering.

Premium BTC-এr nai—Access-Er nai

Coinbase Custody 0.2% charge kore। Fidelity’s multi-sig wallet infrastructure। But institutional investor custodial license peyechhe na? Tāi \(433M pay kore \)92M BTC exposure er jonno—door locked.

SharpLink & Upexi: New Architecture

SharpLink ETH kine 54% premium-e—not because ETH cheap—but ETFs approved hoini. Upexi SOL质押 rights er jonno $100M pay kore MEV upside.

This isn’t investing—it’s regulatory arbitrage dressed as finance.

When the Music Stops

Premium forever thakbe na। Regulator backdoor bandh korle—jodi spot markets direct crypto ETF allow korbe—tobole structure collapse hobe GBTC er moto 2022-e। BTC rise-er upor bet korini—I bet korini jara keys hold kore music stop hole.