Matt Levine explained why $1 of bitcoin is worth $2 in stock market.
Read the article here:
A Bitcoin in the hands of a crypto treasury company is really worth more than a Bitcoin in your hands, because the treasury company can do stuff (investor education! lending! leverage! staking! tokenization! stuff!) with the Bitcoin that you could not easily do. Therefore the premium is justified for business reasons.
There are vast pools of institutional capital that (1) want to own Bitcoin but (2) can’t own Bitcoin directly, or through futures or exchange-traded funds or other more normal (and lower-premium) mechanisms. Therefore the premium is justified for market-segmentation reasons: Crypto treasury companies are getting paid a durable premium for bringing crypto to institutional investors in investable form.
Retail investors are lazy and/or confused and buy hyped crypto treasury stocks without understanding the enormous premium they are paying for crypto exposure. Therefore the premium is justified for meme reasons.