Wall Street's crypto wrapping paper has changed again, this time called the Treasury Stock

【Plain Language Guide】Spot ETF was once seen as the endpoint for institutional entry, but after two years, it was bypassed by Wall Street's smartest funds. Instead, there's the "Crypto Reactor"—public companies issuing shares, convertible bonds, and preferred stocks at a premium (mNAV), buying assets like Bitcoin, Ethereum, SOL, and others, then leveraging, on-chain staking, and mining to achieve magnified exposure far beyond ETFs.
The Russell Index has added SharpLink and Forward Industries to its components, forcing passive funds to allocate to this "crypto leverage package disguised as a public company." It acts as an accelerator in a bull market and a meat grinder in a bear market. Crypto wrapping paper has been upgraded again, but the core remains leverage.
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