Bitcoin at $1 Million? A Controversial Take on How “OGs” Might Cash Out
On June 24, a Twitter user going by Pledditor dropped a thread that got Bitcoin circles buzzing. The gist? Bitcoin *did* hit $1 million this cycle—just not for regular holders. According to them, early whales and treasury companies might’ve found a backdoor to lock in that price while leaving everyone else behind.
The post was cryptic but pointed. Pledditor suggested that big players could securitize their Bitcoin stacks, hype them up through influencers or shell companies, and then cash out at inflated valuations. How? By leveraging something called 10x mNAV (market net asset value). If Bitcoin’s trading at $100,000 but a treasury’s mNAV hits 10x, insiders could technically sell at $1 million per coin—without actually dumping their BTC on the open market.
It’s a bold claim. And Pledditor isn’t some random troll. They gained notoriety in 2023 for digging up deleted tweets from Coinbase’s CEO. They’re pro-Bitcoin but fiercely critical of what they call “grift” in the space—especially treasury firms that promise exposure to BTC without true ownership.
Are Bitcoin Treasuries the New SPACs?
The comparison to SPACs (special-purpose acquisition companies) isn’t new, but it’s gaining traction. SPACs were shell companies that raised money to merge with or acquire other firms, often with shaky results for retail investors. Pledditor and others argue Bitcoin treasuries operate similarly: they don’t *do* much except hold BTC and sell shares.
Take Strategy, for example. Critics say it’s less about Bitcoin adoption and more about financial engineering. The company’s stock (MSTR) lets investors bet on Bitcoin’s price without owning it directly—while insiders reportedly offload shares. One tweet put it bluntly: *”They tell you buying common stock gives you BTC exposure, but *they* keep the preferred shares and the actual Bitcoin.”*
SPACs famously left retail investors holding the bag. Could treasuries follow suit? Some data suggests trouble if Bitcoin dips below $90,000, triggering liquidations. And with regulators eyeing self-custody options, ETFs and treasury stocks might lose their appeal.
Who’s Already at 10x mNAV?
A handful of companies are nearing or surpassing the 10x mNAV threshold Pledditor mentioned. According to NYDIG’s June 6 report, GameStop and Nakamoto lead the pack, with Metaplanet and Strive not far behind. GameStop’s high mNAV is partly due to its existing market cap—Bitcoin makes up a small slice of its reserves.
But Nakamoto’s presence on the list raises eyebrows. Its founder, David Bailey, has been a vocal Bitcoin advocate, yet the treasury model draws skepticism. Is this a legit strategy or a way for OGs to cash out at retail’s expense?
Pledditor’s thread doesn’t name names, but the implications are clear. As more firms copy the treasury playbook, the debate over their real purpose—and who benefits—is heating up. For now, it’s a waiting game. If history’s any guide, though, financial engineering rarely ends well for the little guy.
And maybe that’s the point. Bitcoin was supposed to cut out the middlemen. Instead, some argue it’s creating new ones—just with a crypto twist.
