The debate over BTC treasury company premiums is heating up, and Grok does a rather good job summarising both sides.
Chanos (skeptic): Premium to BTC holdings is "financial gibberish"; no real value add, leverage adds risk, shorts MSTR while long BTC as premium will erode with competition.
Rochard (advocate): BTC treasuries enhance value via efficient capital structure, governance for long-term holding, and leveraged growth; premium reflects superior strategy over direct BTC ownership.
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