The "Infinite Money Glitch" is Invalid! The Survival Battle Between Crypto Giants Strategy and BitMineThe crypto asset company arbitrage model, once hailed as the “infinite money glitch,” is now unraveling. This week, even as the premium of stock prices relative to net asset value (NAV) shrank sharply, the two giants, Strategy and BitMine, still made significant purchases against the trend. Strategy spent $962.7 million to acquire 10,624 bitcoins, while BitMine bought 138,000 ether. However, the core engine that fueled their years of expansion— the “perpetual motion” model of financing coin purchases by issuing shares at a high premium— is now on the verge of failure. Facing “channel parity” brought by ETFs, these two companies, which together hold over $72 billion in crypto assets, are being forced into a difficult transformation crucial to their survival.
MarketWhisper·1h ago