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There has been this trend started by MicroStrategy to load up a publicly traded company on a digital asset (via lots of debt), build hype, make your stock price go way up. The main problems with this strategy is that it’s really only interesting if you are the first one to do it, you do it for a long time before anyone notices and the value of this versus direct exposure of the underlying asset is sort of nebulous. There are now lots of companies trying to do this for lots of different digital assets. I’m pretty bearish on the strategy being long term sustainable, but I wanted to understand the dynamics better. I built this tracker to better understand the phenomenon myself.