Retail investors lost $17 billion buying Bitcoin Treasury companies

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You didn’t buy Bitcoin, you bought hedge fund products - mNAV magic is over

Retail didn’t buy Bitcoin.

They bought volatility arbitrage shells.

And they lost $17 billion doing it.

Bitcoin is up +15% YTD

But retail who bought Strategy or Metaplanet are losing money.

Why?

They didn’t buy BTC.

They bought shares of Digital Asset Treasuries (DATs) designed for convertible hedge funds.

Markus Thielen explained it

“Retail investors have los…

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