this is going to be a controversial take and my conviction on this is like 80% not 100% but I don't think that "eth treasury companies" or "sol treasury companies" or "tron treasury companies" are going to work meaning i don't think they're going to cause the underlying shitcoins to sustainably outperform bitcoin, and their own shares are not going to sustainably outperform the bitcoin treasury companies there is a fundamental misunderstanding in the market as to why the bitcoin treasury companies are (currently) doing well. it's not because they simply put bitcoin in the treasury. it's because they're tailing saylor. saylor is the whale. everyone else is a fish. saylor established the flywheel over FIVE YEARS it didn't just happen one day. he has convinced the market that he can credibly out-raise everyone else, and also that he will never sell MSTR's bitcoin that kickstarted a real fomo run on bitcoin. on the surface level, people look at it and think "oh it's a new meta, a new scam, a new ponzi, a new way for me to make money" and to some degree it's true, but it misses the point of what's really going on what's really going on is that saylor convinced the entire market that if we let him, he's gonna buy all the bitcoins. unless someone else gets to them first, that's what he's going to do. the existence of such a buyer, who can actually credibly do what he says (maybe) is an entirely new phenomenon and never existed before in this market so those who believe him, are now in a rush to buy as many bitcoin as they can as fast as they can. they believe him that they won't be able to do it later such a buyer simply doesn't exist for ETH or SOL etc. and some maxi raising $500m to buy ETH simply doesn't change that. $500m is nothing. saylor literally does that in one week. it's immaterial MAYBE if one of those shitcoin treasury companies keep at it for FIVE YEARS like saylor did and demonstrate that they can actually do what they claim, then maybe the market will believe that there's not going to be any ETH left to buy. but currently that's not the case it's a copycat that doesn't understand what it's copying. so i do think they're not gonna work, not sustainably, and not for the next couple of years. p.s. buy bitcoin