The
miners
are
now
struggling
to
stay
afloat
and
accumulate
bitcoin
at
a
discounted
price,
while
other
public
companies,
such
as
MicroStrategy’s
(MSTR),
are
getting
rewarded
by
investors
for
buying
bitcoin
in
the
open
market.
“Indeed,
nine
of
the
10
largest
(by
market
capitalization)
publicly
listed
bitcoin
mining
companies
hold
less
bitcoin
per
share
today
than
they
did
three
years
ago.
And
as
a
bitcoin
miner
ourselves,
Cathedra
has
not
fared
better
by
this
metric.
Meanwhile,
other
listed
companies
have
adopted
an
explicit
policy
of
increasing
bitcoin
per
share,
most
notably
MicroStrategy
(NASDAQ:
MSTR),
and
have
been
rewarded
by
equity
markets,”
Cathedra
wrote.