बिटकॉइन अर्बिट्रेज: बिलियन डॉलर का खेल

मार्जिन का प्रचार

मुझे स्पष्ट कहना होगा: स्ट्रैटेजी अपनी संपत्ति पर मार्जिन का उपयोग नहीं करती है। हालांकि, हम ‘अरबिट्रेज’ — प्रतिभूति-आधारित संचयशीलता — पर प्रभुता प्रदर्शन करते हुए ‘कमजोर’ हथियारों से सबकुछ पछाड़ता हुआ।

मांडेट-अरबिट्रेज: महसूस

एक \(25T मयुटलफंड मैनेजर Bitcoin में नई पहुँचचाहता है—लेकिन ‘शेयरों’ महज़्ज़्युट-ओवल (सख्‍त)। BTC? **नहीं**। ETF? **नहीं**। लेकिन \)MSTR? जी हाँ – Nasdaq पर, NCAF-अनुमोदन।

इसलिए, Wahi. \(MSTR ₹\)MSTR = BTC exposure + premium.

₹₹₹: Why Premium?

उपभोक्‍ता BTC-अध‌ि‌ग­ण­य­श­क्‍ति (NAV) > MSTR. Kyon? Kaisey! Fiduciary duty ka khayal hamesha priority. Compliance > Yield. Trust > Spreadsheets.

Is premium mein Strategy ki profit hai — BTC form me. 2 saal se ~134% return (BTC terms), even better than direct BTC purchase.

Debt = Infrastructure?

Panic karein? ‘Billion USD debt!’ Yes… lekin sab debt same nahi hota. Credit card debt? High interest. Risky. Personal liability. The kind that breaks families. Corporate debt with low fixed rate & maturity due only at end? Like home mortgage — but instead of house, buying digital gold! The lender cannot seize asset unless full default occurs — which is not expected in next 5 years unless BTC < $15k (unlikely). So yes — debt exists… but structured like real estate financing — not gambling credit cards. The game is not leverage; it’s financial engineering via regulatory friction points.

Ripple Effect: Copycats Coming

MetaPlanet? David Bailey’s Nakamoto? even some SPACs are copying:“We’ll own crypto via public equity” The race isn’t about who owns most BTC—it’s who can maintain biggest regulatory arbitrage spread without overextending. The system collapses from greed—not pressure—if new players pile on unsustainable debt just to compete. But as long as demand for compliant Bitcoin access remains among traditional institutions… this game continues—and generates alpha without touching derivatives or futures markets. The best strategies aren’t flashy—they’re quiet ones exploiting invisible walls between what investors can do and what they wish they could.