Date: 2026-09-19 · basis: publication date recorded in the magazine inventory
Ratpoison & Vee
Ratpoison and Vee test the claim that Bitcoin treasury companies (public firms holding BTC on their balance sheets) will outperform Bitcoin itself. Comparing Strategy, Twenty One, Nakamoto, Metaplanet, Coinsilium and Smarter Web returns and drawdowns against Bitcoin, they find none consistently outperform, with drawdowns of 58%-96% versus Bitcoin's roughly 13% 2025 maximum. A DCA model and an analysis of YieldMax's MSTY covered-call ETF reinforce the conclusion to buy Bitcoin directly. Both bylines are handles; the note styles Vee as the Stackchain Queen.
Archive summary written from the sources below — not a quotation.
TLDR: Nothing beats the original. Buy Bitcoin.https://www.stackchainmagazine.net/fact-check-bitcoin-vs-treasury-stocks-who-performs-better/
Not a single one has consistently outperformed Bitcoin over their active periods.https://www.stackchainmagazine.net/fact-check-bitcoin-vs-treasury-stocks-who-performs-better/
Treasury stocks show drawdowns of 58%-96%, often in weeks.https://www.stackchainmagazine.net/fact-check-bitcoin-vs-treasury-stocks-who-performs-better/
Data comparison finding Bitcoin outperforms Bitcoin-treasury company stocks on return and risk
Machine-written summary, not an editorial statement.
Stackchain Magazine article, catalogue item 91, category economics-finance. Summarised by the archive from the published piece; quotes below are verbatim excerpts. Original: https://www.stackchainmagazine.net/fact-check-bitcoin-vs-treasury-stocks-who-performs-better/