To elaborate a bit, looking only at market cap is not sufficient. We also need to consider the 'gold content' of #BTC. For example, $MSTR currently has 402,100 BTC, with a premium of around 233%. Before MSTR purchased BTC, its market cap was $1.5 billion, and it is no longer comparable to the current market cap, so we can consider it as a premium of over 230%.
Next, $SMLR currently holds a total of 1,570 BTC, valued at approximately $150 million. The market cap of SMLR is $470 million. Before buying BTC, the market cap was $200 million, representing a premium of 180%. This premium rate is not low according to MSTR's current calculations.
Next is Boyaa, which holds a total of 3,183 BTC, valued at approximately $300 million. Boyaa's current market capitalization is $410 million. Before Boyaa announced the BTC purchase, its market cap was around $200 million to $300 million. Even at the lowest valuation of $200 million, the price of the BTC purchased does not fully reflect in the current market cap.
However, it should be noted that Boyaa is a Hong Kong company. Just because it is a Hong Kong company does not mean it is bad, but it is necessary to point out that Hong Kong companies are always less persistent about BTC compared to American companies, so I won't elaborate further.
Then there is Japan and SOS, which I won’t elaborate on as they are not significant. Instead, we can take a look at $MARA, which has been consistently mentioned by Michael. Currently, MARA holds 27,562 BTC, with a market value of $2.66 billion for these BTC. MARA's current market cap is $8.377 billion, with 5,644 BTC purchased, valued at approximately $550 million. Before purchasing BTC (June 2024), the market cap was approximately $5.418 billion, representing a premium of less than $3 billion, which is 545%, slightly high.
Of course, MARA also has mining resources, so this calculation cannot be taken at face value and should only be used as a reference.
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