Covers cryptocurrency markets, regulation, and public market trends for The Information; authored a Sunday Insights column on crypto treasury stocks.
no scored calls yet — needs a stated position or a categorical verdict, with a matured window vs SPY
Over 160 U.S. listed companies copied MicroStrategy's playbook of holding crypto on the balance sheet, but these stocks have fallen more than the underlying tokens and now trade at a discount to NAV, removing the premium that previously funded their token purchases and reversing the flywheel that supported crypto prices.
Bitcoin has given back all year-to-date gains due to a broad risk-off move in tech and crypto, while long-term holders are selling early to front-run the historical four-year cycle top expected in 2026, compounded by a large liquidation event last month that wiped out leveraged traders.