BTC broke 80k, but the stocks of Strategy, Twenty One Capital, Metaplanet, and others haven’t recovered to a premium—instead, they’re trading at a discount. This feels counterintuitive: in the past, people treated them as “BTC proxy stocks,” so when the coin price rose, they should have risen even more. But the market doesn’t seem to be buying that anymore. Why?

One key reason is that spot ETFs have drained the “proxy” value. Previously, buying these stocks was the easiest way for institutions and individuals to gain BTC exposure, and scarcity created a premium