# Bitcoin ETF flow — X 热门讨论 (2026-09-27 12:28 UTC)
## @Sanderandersenn (Mr.Andersen) · 09-27 10:45 · ♥35 ↻6 💬6 A Bitcoin treasury company is not an ETF with a CEO.
It's for Bitcoiners and allocators who want a company that measures success in one number: Bitcoin per share.
It has tools an ETF doesn't:
– sell shares at a premium
– buy back at a discount
– access unique liability structures
But what most people underestimate is the cash flow and equity value these companies can build on top of their balance sheet.
That's the real edge in the next phase.
Grow Bitcoin per share faster than holding can, or don't exist. https://x.com/Sanderandersenn/status/2104160436232851591