#加密生态动态追踪 Wake up, stop being fooled by those listed companies holding coins — most of them are just arbitrage machines in this market.

MetaPlanet claims to be the Asian version of a leading coin-holding company, but since this adjustment, I haven't seen them step in to buy the dip. Basically, it’s because they have no money. The stock price has fallen below net asset value, and the arbitrage route of issuing shares at a high premium to buy coins has also been cut off. This is the reality — for the vast majority of listed companies holding coins, they are powerless in this environment. Even if BTC rebounds, it doesn’t guarantee your stock price will get a premium. The question is: how long can you hold back from selling coins?

The smart approach is clear: when net asset value hits bottom, sell coins to buy back stocks or hoard cash; when at a premium, issue shares to buy coins for arbitrage; when at a discount, sell coins to buy stocks. But there are risks — the more stocks you buy, the more your market cap shrinks, and in the end, wouldn’t you just be delisted?

Don’t pin your hopes on these companies. Not everyone has Saylor’s vision and execution. Their real test is financing ability, basically like investment banking operations. During economic downturns, many such companies will fail, which could then create downward pressure on $BTC.

Back to the technical side, last night BTC followed global stocks down again. It’s slow to rise but drops in a flash. The Bollinger Bands are narrowing, which usually indicates a big wave of volatility brewing. Looks like a trigger is coming.