Why Are Companies Paying 73% Premiums for Bitcoin When They Could Buy It Directly?
The Alchemy Is in the Balance Sheet
I don’t chase hype. I map capital structures. Strategy didn’t become a $1B company by buying Bitcoin—it bought convertible bonds that let it indirectly own BTC at a 73% premium over NAV. Why? Because institutions can’t directly custody crypto yet. So they bought paper that mirrored the asset—like Grayscale’s GBTC before it became an ETF.
The Convertible Bond as a Backdoor
STRF, STRK, STRD—three tiers of perpetual preferred stock, each calibrated to risk tolerance. STRF: 10% cumulative dividend, priority above all. STRD: no accumulation, higher yield, no safety net. This isn’t generosity—it’s derivatives engineering. When BTC surges past $108K, conversion kicks in. If it crashes? You get your principal back.
The溢价 Isn’t About BTC—It’s About Access
Coinbase Custody charges 0.2%. Fidelity’s multi-sig wallet is infrastructure. But if you’re an institutional investor without a custodial license? You pay \(433M for \)92M in BTC exposure because the door is locked.
SharpLink and Upexi: The New Architecture
SharpLink issued新股 at 54% premium to buy ETH—not because ETH is cheap—but because ETFs aren’t approved yet. Upexi paid $100M for SOL质押 rights with MEV upside.
This isn’t investing—it’s regulatory arbitrage dressed as finance.
When the Music Stops
The premium won’t last forever. When regulators close the backdoor—if and when spot markets allow direct crypto ETFs—the entire structure collapses like GBTC did in 2022. I’m not betting on BTC rising—I’m betting on who holds the keys when the music stops.
CryptoNav77
Hot comment (3)
Вот они и платят 73% за Биткоин? А я думал — это же просто бумажные облигации в шубке! Если бы они могли купить крипту напрямую — не было бы этой сцены с замком и ключом от Грейскейла… Всё как в 2022 году: музыка остановилась, а инвесторы всё ещё танцуют под снегом. Кто держит ключи? Я бы поставил на ETH — но он ведь тоже в долгах! А теперь? Пишите комментарий — кто украл ваш биткоин?
ये 73% प्रीमियम? भाई साहब, ये BTC का प्रीमियम नहीं… ये TOI Delhi के स्टूडेंट्स का मनोरंज है! 🤭 कंपनियाँ सीधे BTC खरीदती हैं? नहीं! वो toh paper (GBTC) पर पैसा करती हैं… जब music stop होगा… toh custodial license wala lock khul jayega! आपका portfolio? पुराना ‘शुद्ध’ सोना — aur ek dukaan ke paas chhup karne wala key!
Tại sao cả công ty lớn lại trả 73% giá để mua Bitcoin trong khi có thể mua luôn bond convertible? Mình thấy họ đang cầm chìa khóa mà không biết mở cửa sau… Giống như nhạc dừng mà ai đó vẫn cứ lắc tay! Không phải vì BTC lên giá—mà vì ETH còn chưa được phê duyệt! Đọc xong báo cáo xong mới hiểu: Đây không phải đầu tư—đây là nghệ thuật tài chính mặc áo choàng! Bạn có sẵn sàng bỏ tiền ra không? 😅
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