Too reliant on the value of BTC in their treasury as the underpinning for the Enterprise value. None of their offerings are particularly differentiated or have decent revenue generating capabilities e.g. Gold Token (A me too offering, plenty of alternatives out there). Bitcoin investment fund for HNW only (again me too offering without much differentiation, most of the fund seeded by their own holdings anyway and fees only 1% or so which is not going to yield much revenue).
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