Amazon is seeking to offload approximately $8 billion worth of Nvidia Grace Blackwell chips to investors through a special-purpose vehicle to strengthen its balance sheet. The company would lease the chips back from the SPV, which would fund the deal through debt issuance and offer investors up to 10% equity stake. The chips are currently installed across more than a dozen US data centres.
A Bitcoin treasury company differs from an ETF by focusing on Bitcoin per share as its primary success metric, offering tools like premium share sales, discounted buybacks, and unique liability structures. The real competitive advantage lies in building cash flow and equity value on top of Bitcoin holdings, requiring growth in Bitcoin per share to justify existence.