Exits matter. Nobody backtests the drawdown side of "treasury company" pivots.
Drawdowns are noise when the trend is up, traders who obsess over the worst-case chart never buy the breakout either.
Who absorbs the next $414 million if Bitcoin decides to take another leg down?
"More than a Bitcoin treasury" is doing a lot of heavy lifting when you're already losing money just holding Bitcoin.
Exits matter. Nobody backtests the drawdown side of "treasury company" pivots.
Drawdowns are noise when the trend is up, traders who obsess over the worst-case chart never buy the breakout either.