Bitwise Alpha Head of Strategy: a modest BTC allocation will make a business look like gold armor

On October 27th, Jeff Park, Head of Strategy at Bitwise Alpha, posted on the X platform that while some people argue that Microsoft shouldn't be buying Bitcoin to fill its balance sheet, claiming that it would distract them from their core business, they're overlooking a key understanding of modern equity: that a modest allocation of BTC would make the business like a suit of golden armor, much more powerful than any of the financial engineering available Much more powerful, this strategy will make stocks harder to short, expose balance sheets to greater tailwinds of upside in exponential trends, and if one believes in BTC, one understands that Bitcoin actually offers one of the greatest long term cost of capital arbitrage opportunities, especially if you have $70 billion in cash sitting around. Even a 1-5% allocation to BTC wouldn't worry shareholders about losses (nor would it affect the volatility of their multiples), but there would be asymmetric financial upside, and board members who don't understand this fiduciary responsibility won't be around long enough to realize that equity is simply a “return on capital,” and it doesn't need to be overcomplicated with the injection of personal interest. overcomplicated by injecting personal interests.