New Delhi, Oct. 19 -- Here's a maths problem for you: suppose you buy gold worth Rs.100 and store it in a pot. What is the immediate value of the pot? It's Rs.100, assuming there's no wild price swing in gold. But suppose you buy bitcoin worth Rs.100 and store it in a digital wallet. What's the value of that wallet?

For a long time, the answer, at least according to Wall Street, was Rs.200.

How? Through the magic of something called bitcoin treasury companies, the biggest example of which is Strategy Inc (formerly MicroStrategy).

MicroStrategy started as a software services company in 1989, but pivoted to buying bitcoin in 2020. It funded its purchases mainly through issuing new stock, convertible bonds, and so on, and is today the lar...