Nic Carter of Castle Island Ventures argues that spot Bitcoin ETFs provide investors with direct Bitcoin exposure without the added risks and costs of investing in Bitcoin treasury companies. These treasury firms, which hold Bitcoin as a core asset, often trade at significant discounts to their net asset value, suggesting investors see little extra value beyond Bitcoin itself. The rise of spot Bitcoin ETFs has challenged the appeal of these firms, especially smaller ones without unique strategies, as ETFs offer a simpler, more transparent way to invest in Bitcoin. Treasury companies continue to innovate, but skepticism remains about their ability to outperform direct Bitcoin holdings.
Nic Carter's view on Bitcoin treasury firms is provided here with Pluang's cryptocurrency market data as of Nov 16, 2026 00:21 WIB. Among 50 major cryptocurrencies priced on Pluang, 16 rose and 33 fell today. Notable movers include COMP at Rp326.721 with a 1-day change of -4.50% and a Pluang order activity of 88% Sell / 12% Buy, AVAX at Rp130.728 down 4.35%, and UNI at Rp93.958 up 4.00%.
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