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In this “magic trick,” DATs essentially transferred wealth from retail investors who overpaid for shares into actual Bitcoin (BTC) for the company. Shareholders lost billions while executives accumulated real BTC, they said.
The researchers used Metaplanet, the fourth-largest Bitcoin treasury firm, as an example, as the company effectively transformed a market capitalization of $8 billion, supported by just $1 billion in Bitcoin holdings, into a $3.1 billion market cap backed by $3.3 billion in BTC.