The Trojan-horse thesis in its strongest form
The bullish case is worth stating in its most compelling version before testing it. The argument runs like this. When a company the size of SpaceX lists on a major exchange, it becomes eligible for inclusion in the large stock indices, and inclusion in an index like a major large-cap benchmark means that every fund tracking that index must buy the stock, mechanically, regardless of any view on its components.
Index funds, exchange-traded funds, pension funds, and other passive vehicles collectively command trillions of dollars and are required by their mandates to hold the constituents of the indices they track.
So once SpaceX enters the major indices, an enormous pool of capital will buy its shares not because those investors want aerospace, AI, or bitcoin, but simply because the stock is in the index. And because the stock carries 18,712 bitcoin on its balance sheet, every one of those passive buyers gains indirect exposure to Bitcoin whether they want it or not.
That is the passive-buying mechanism explained in its simplest form: a mandate can create exposure without a fresh discretionary decision. The buyer thinks they are getting SpaceX, and buried inside that exposure is a tiny piece of BTC.
The bullish case is worth stating in its most compelling version before testing it. The argument runs like this. When a company the size of SpaceX lists on a major exchange, it becomes eligible for inclusion in the large stock indices, and inclusion in an index like a major large-cap benchmark means that every fund tracking that index must buy the stock, mechanically, regardless of any view on its components.
Index funds, exchange-traded funds, pension funds, and other passive vehicles collectively command trillions of dollars and are required by their mandates to hold the constituents of the indices they track.
So once SpaceX enters the major indices, an enormous pool of capital will buy its shares not because those investors want aerospace, AI, or bitcoin, but simply because the stock is in the index. And because the stock carries 18,712 bitcoin on its balance sheet, every one of those passive buyers gains indirect exposure to Bitcoin whether they want it or not.
That is the passive-buying mechanism explained in its simplest form: a mandate can create exposure without a fresh discretionary decision. The buyer thinks they are getting SpaceX, and buried inside that exposure is a tiny piece of BTC.