On June 24, 2025, a blogger using the Pledditor handle published an X post kicked off like this. Bitcoin has reached $1,000,000 over this cycle. He was captured by “them.” Next, Pledditor explains how 10x MNAV can help Bitcoin pioneers, who hold a significant amount of Bitcoin, trade BTC for $1,000,000. How realistic is this scheme?
The detective who used Pledditor’s moniker on Twitter created the headline in 2023 when he shared a delete tweet from Coinbase CEO Brian Armstrong. The person behind this account is an avid critic of the Bitcoin finance company, known as “grift.” It’s worth saying that Pledditor is not a bitcoin skepticism. Rather, they generally advocate for an independent and DIY approach.
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What scheme does Pledditor describe?
In a recent Twitter thread, Pledditor analyzes how “Bitcoin OG” (i.e. David Bailey, Adam Back, Ten31, Swan, etc.) can exchange Bitcoin for 1 million during the current cycle.
Bitcoin went to $1,000,000 in this cycle, only values not captured by “You.” He was captured by “them.”
If you are a Bitcoin OG with lots of coins, what you’re doing is securitizing your BTC stack by enclosing it with standards in the public market. Next, “Irresponsible long…
– Pledditor (@pledditor) June 24, 2025
In the post, Pledditor explains how early Bitcoin holders with huge bags can securitize their holdings. According to them, they launch finance companies like Strategy, hype people on Twitter and encourage them to buy stocks. They can do that either themselves or via third-party frontmen (“influencers”).
As soon as the market’s net asset value reaches 10, the company’s founder can escape from his common stock while maintaining his preferred stock himself. Given that the MNAV is 10 and the BTC price is $100,000, the company founders technically sell Bitcoin for $1,000,000, but don’t leave completely with Bitcoin to hold preferred stocks.
In the next tweet, Pledditor adds that base Bitcoin in such ventures comes from “Bitcoin OG” rather than from the OTC desk. Therefore, the impact on the market’s BTC price is zero. Pledditor says, “They say they will give you a quantity of BTC per share when you buy a common one.
Previously, Pleddior replied “right” by saying the strategy was an executive and Bitcoin OG exit scam.
Matching finances to spacks
In addition, in the Post, Pledditor compares finance companies with special purpose acquisition companies (SPACS). Recently, this comparison has been happening repeatedly across Crypto Twitter. Pledditor is not the only one that cultivates it.
Bitcoin and other cryptocurrency companies are the new SPACS. Only those who created it became rich from the SPAC model four years later. It’s financial engineering. It never ends well for retail. Most spaks have dropped by more than 90%. Only a few exceed the initial price.
– Beanie (@beaniemaxi) June 12, 2025
SPACS, or special purpose acquisition companies, are shell companies created to raise capital through an IPO and merge with or acquire public companies. There is no operation in SPACS. SPACs may be viewed as an attractive way to release stocks without going through the usual disclosures required by a public company.
Two waves of SPAC’s popularity (late 2000s and early 2020s) have become rough for retail investors. Most of the time, they saw a negative return rate for years. One of the latest and popular SPACS was the 2024 Trump media company that now merged with Digital World Acquisition Corp. Currently, DJT shares are well below the price during the merger period.
It’s no wonder that the comparison between SPACS and TREASURIES is at a disadvantage, suggesting the lack of actual practical purpose behind companies such as strategy, metaplanet, copycat and more. Both Spack and the Treasury produce nothing and have nothing but speculative value.
The Strategic Bitcoin strategy raises concerns because it may seem too risky, but Goldman Sachs analysts argued that Bitcoin must drop 50%, exposing the company to real risk. According to Fakhul Miah of Go Mining Institutional, the new Bitcoin finances do not have adequate protection measures. If BTC prices fall below $90,000, liquidation and ripple effects can be triggered. More than that, Bitcoin ETF and Bitcoin Treasury stocks could lose the appeal of the company as regulations allow companies to maintain BTC independence.
read more: Will Michael Saylor pull the rug?
However, some Bitcoin enthusiasts feel that Michael Saylor is hampering his lack of interest in adopting Bitcoin. While he promotes Bitcoin and urges everyone to buy Bitcoin, whatever it costs, the strategy is busy selling MSTR stocks and does not expose investors directly to Bitcoin ownership.
Micheal “Sell Your Chairs” Saylor stumbles and tells everyone to buy Bitcoin for years, then everyone sees stacking up on all the imaginary non-Bitcoin financial products he offers. A truly amazing, absolute genius on his part.
– P (@pmilanovich_bfs) June 24, 2025
Which finances can boast 10 times more mnav?
While most Treasury MNAV rates have not exceeded the 3.0 mark, some companies have already reached the thresholds raised by Pledditor in the post. On June 6, 2025, NYDIG shared MNAV rates based on SEC filing. Although GameStop and Nakamoto’s MNAV rates are above the 10 mark, Metaplanet and Effort are close to this value, indicating that they are at rates of 7.6 and 9.1, respectively. It’s worth saying that GameStop has a significant market capitalization before allocating Bitcoin, and its BTC share in Gamestop’s reserves is largely leading in fees.
Did the Playditer post directly target David Bailey, who has an MNAV rating of over 10? Probably so. The amount of criticism of Bitcoin’s Treasury increases accordingly to the number of companies following in the footsteps of the strategy. Time indicates who is right.
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