The speculative excitement surrounding Bitcoin treasury companies has led to both legitimate investments and opportunistic hype, with some firms allegedly manipulating mNAV to drive up valuations.

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Microcap companies have announced ‘plans’ to acquire mountains of crypto assets — often more than they possess in market capitalization — simply to enjoy a headline-induced, momentary price jump.

Obviously, the prospect of buying crypto and immediately selling stock tied to that same purchase — overvalued, of course, by a lavish multiple — has transfixed Wall Street deal-makers