Parker Lewis
speaker
599 appearances
1 recordings
1 series
first heard Jul 2026
last heard 17 Jul
Parker Lewis’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
to exist um higher expense base because like that's what you have to think about some of these companies have a really you know people say well the etf has a expense ratio of 0.25 well start looking at the expense base of these corporate treasury companies um and you'll see that they have expenses too and they're they're higher um and so you know at some point the companies will just
return capital.
I would expect this strategy continues to operate and ultimately shifts the strategy.
Once their equity begins to trade at a steep discount to NAV, it's like, hey, Bitcoin can go up
With a stock not going up.
And that's part of the misaligned incentive.
It's like there actually has to be a market for stock and their incentive is to get people to buy stock so that they can buy Bitcoin and not Bitcoin.
But the incentive of the shareholder is to figure that out.
And also if there's ever a premium there to sell it to buy Bitcoin.
But
that might be how Bitcoin goes up and the share price doesn't, but the company still has the Bitcoin.
And then this incentive start to align with the remaining shareholders.
Then, you know, are living in a world where it's a much more difficult for them to be diluted.
They do have a large base of Bitcoin and that again, I can't predict the future, but I would expect in that world that strategy then becomes a, you know,
an allocator of capital to generate cash flows rather than raise capital to buy Bitcoin.
If I had to factor it in, but I think that anybody who's in it today is going to materially underperform Bitcoin because of the very overwhelming, like when I zoom out, one of the things that I struggle with of why people can't see this is why when they zoom out that they would think that the market for a single name stock
would be bigger than the global demand for buying Bitcoin directly.
You know, because somebody still has to buy the stock for the value of the stock to go up.
And it's like, why are there going to be a lot more people that demand buying that stock with leverage, with more risk when they could just own Bitcoin?
You know, and even that, like, you know, genuinely...
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