The treasury premium was never guaranteed and once the ETFs arrived there was no reason left to pay it "Why should investors consistently pay two dollars for one dollar of Bitcoin sitting inside a public company? The entire system depended on a premium that had no obligation to exist" "Once spot Bitcoin ETFs existed, investors already had simple Bitcoin exposure. Once Strategy proved its model, investors already had access to the largest and most liquid version of the leveraged treasury trade" "The first company was unique. The fifth might still have been interesting. The fiftieth company announcing that it would sell shares to buy Bitcoin was offering a smaller, less liquid and less proven version of something the market already had"