Matt Levine, Columnist

Stablecoin Treasury Company

Also a blockchain rollup, retail ECM and semiannual financials.

September 9, 2025 at 6:05 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Are there any flaws in this logic? Discuss. If you fill in the ______ with “Bitcoin,” you get the Strategy strategy, which has worked pretty well in large size for a long time, though the premium has come down recently. It worked so well for Strategy that it spawned many imitators, some of whom also put Bitcoin in the ______, but others have used Ethereum or Trumpcoin or Dogecoin or gold or GameStop stock.