BRR’s ability to raise capital is constrained by its mNAV discount, and monetizing Bitcoin assets introduces additional risks.
The cryptocurrency market is one that almost always has a narrative or theme fueling gains for a sustained period of time. During the 2020/2021 cycle, we had NFTs and ‘DeFi Summer.’ If 2024 was the year of memecoins and
Former media research analyst. Main coverage areas are crypto, BTC miners, metal, and media equities. I’m not an investment advisor. I just share what I do with my own capital and why. Outside of Seeking Alpha, I also write the Heretic Speculator newsletter over at Substack.
Analyst’s Disclosure:I/we have a beneficial long position in the shares of BTC-USD either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
I’m not an investment advisor.
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