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Amintiți-vă de interviul @matt_levine "imaginați-vă o cutie" al lui SBF - toată lumea iubește să facă o versiune a acestor lucruri.
16 iul. 2025
Core idea is treasury co should be worth >NAV bc it has ability to arbitrage its own stock trading +/- NAV
He also describes later why it’s “heads I win, tails I breakeven” for private investors but a bad buy for public investors
So mostly these just monetize uninformed retail
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