Blockchain

Digital asset treasury companies raised roughly $29 billion through 2025 by selling shares above the value of the crypto they held. By 2026 around 40 percent of bitcoin treasury companies traded below their holdings, and Strategy, Sequans, Nakamoto and others were selling coins to repay debt. This course dissects the mNAV flywheel, why it runs in reverse, and what it teaches about reflexive financing.

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