Matt Levine’s Money Stuff: Put the Crypto in the Index Funds

Vanguard Strategy

The basic situation is that the US stock market will pay $2 for $1 worth of cryptocurrency. If a small public company has a $100 million pot of Bitcoin or Ethereum or Trumpcoin or what have you, its stock will be worth at least $200 million. This trade is baffling and magical; it was pioneered by MicroStrategy Inc. (which now calls itself Strategy, and which has about a $70 billion stash of Bitcoins and a $138 billion equity market capitalization ), and is now regularly and successfully imitated by all sorts of random small companies.

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