Description
MSCI is debating whether to treat Bitcoin-heavy companies like MicroStrategy as “funds” instead of operating businesses—but that completely misses what Saylor is actually building. This video breaks down the idea of a Bitcoin refinery: taking spot Bitcoin and refining it into different securities for every risk profile, from yield-hungry institutions to dividend-focused investors. We explore why a Bitcoin treasury is not just another ETF, why self-custody and corporate Bitcoin are totally different bets, and why treating Bitcoin balance sheets like “crypto funds” is a category error. If you care about Bitcoin, capital allocation, and how index providers shape the market, this is must-watch signal.
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