Bitcoin Treasury Companies: To Buy or Not to Buy? Last week's Bitcoin Treasury Companies event, organized by @TheBigWhale_, was a fantastic event that provided plenty of food for thought. The discussions surrounding net asset values, premiums, and the outstanding performance of The Blockchain Group offered valuable insights and prompted me to reflect further on the question: Are Bitcoin treasury shares worth the premium? Thanks especially to @AlexandreLaizet and Yves Choueifaty for sharing their insights and analysis on the topic. To wrap my head around the numbers, I had to run some of the calculations myself: The Blockchain Group grew its holding from 15 BTC in November to 620 BTC by March. They increased the Sats per share from 18 to 333—an impressive growth of 1786% for early investors. Bitcoin treasury companies have been very successful in delivering on the expectation of market participants to increase the Bitcoin holdings per share. These shares, however, have been trading at a significant premium, partly reflecting market expectations of additional increases in Bitcoin per share. From an investor perspective, does paying these premiums make sense? Buying shares comes with a trade-off: Instead of purchasing shares, you could buy Bitcoin directly. For example, in November, for the price of a share, you would receive 236 Sats directly compared to only 18 Sats through a share. However, when examining the March data, the Sats per share increased to 333. Meaning the initial 18 Sats exposure by share you got have increased significantly. So it makes sense to look at if with time you would have yielded more Bitcoin buy buying a share instied of buying Bitcoin at the time. By comparing the November direct buy of 236 Sats to the 333 Sats per share, investing in the company achieved a positive Bitcoin yield (%). Investors gained 41% more Bitcoin exposure through shares compared to a Bitcoin purchase at that time. December investors still experienced a 4% yield. In both cases, it was advantageous to buy shares instead of Bitcoin. Even though you could have purchased more Bitcoin at that time, the company effectively increased Sats per share, justifying the premium you paid. Simultaneously, with the rising Sats per share, the multiple has decreased from 13.40× NAV to 1.78×, indicating that earlier expectations regarding Bitcoin acquisitions are now reflected in the NAV. In conclusion, early investors who accepted the premium gained greater exposure to Bitcoin. Even with a steep 13.4× multiple, The Blockchain Group generated more Bitcoin compared to a direct purchase at the time. The key question as an investor here is: Can they continue to outpace a direct Bitcoin investment?  If you believe they can, buying shares of a Bitcoin Treasury company could be an appealing investment. The trade-off: sacrificing Bitcoin self-sovereignty and trustlessness for potential outperformance.