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The only way that helps is if you're saying it is expressly a Ponzi scheme - i.e. you think the company's value will go up in the future as it will keep getting more money than it needs to buy BTC and therefore it's value increases on subsequent transactions? Is that your point?
It doesn't justify why an investor now would pay the premium for shares Vs BTC unless you think some others will keep paying in after you (by some multiple, as you've bought in well down on actual assets).
You're basically saying that the company is worth more than NAV because the share price is higher, so that justifies the higher share price. It's circular
andyfallsoff-
I'm not sure what your point is!
It's a fact that it is valued above it's NAV.
There must be a reason why.
I've set out the reasons I've come across.
If you don't believe those reasons, you must believe there is a different reason. Or that the market has been irrational for an extended period and that it will stop being irrational soon!
frank9755
Look at the first stage of the transaction: It sells equity which represents 0.37 of a Bitcoin for the cash value of 1 Bitcoin.
The next time it can sell equity representing 1 Bitcoin for cash to the value of 2.7 Bitcoin
And so on.