A Bitcoin treasury company that netted $85.5 million owes more than its entire market capitalization. Nakamoto just released its Q3 report: net profit of $85.5 million, holding 4,283 BTC. However, on the same day, CoinDesk revealed another fact: it owes exchanges $165 million, exceeding its entire market capitalization. At the current price of $69,287, these 4,283 BTC are worth approximately $297 million, enough to cover the debt on paper. Even assuming the price drops to the analyst-warned $57,700, there would still be approximately $247 million. The problem is that the market refuses to value these coins, indicating that people don't trust the financial statements and only focus on the debt. On the same day, Ethereum treasury company BTCS sold its ETH at a loss to protect a $64 million Aave loan. A treasury company's profits reflect favorable conditions, while debt reflects unfavorable conditions. My opinion: Don't focus on who has the most stockpiles right now; focus on who has the least debt. If you had to choose only one, would you buy a debt-laden treasury stock or take the physical shares directly? Other key points for today are shown in the image above ⚠️ Not investment advice · DYOR Crypto Evening News: Bitcoin, Treasury Companies