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Is it "developed a system" so much as "continued taking the same one way bet"?
this will seem like a good idea while prices are going up but a bad one if they don't sell before they go down again
It is a system - they've refined it by using different ways to get the cash to buy bitcoin. eg selling more shares when they feel their own share price is overvalued. The hard bit was not buying the bitcoin, but getting enough money to have been able to buy the amount of bitcoin that they have done.
And they started in 2020 so they've been through a cycle.
frank9755-
Yes but is there any strategy to making money other than "punt that bitcoin goes higher"?
The company becomes a listed proxy for BTC. I can see how that works as a strategy for the CEO etc - this is a way for them to get paid off the back of BTC price movements, and they're relatively insulated from price falls (their income could suffer but it's not their capital they're playing with). Just not sure that's worth celebrating
andyfallsoff
Is it "developed a system" so much as "continued taking the same one way bet"?
They aren't taking some new risk every time they buy more BTC. They just continually increase exposure, and this will seem like a good idea while prices are going up but a bad one if they don't sell before they go down again