$Jiuzi(JZXN.US) rose by over eight percentage points, with trading volume surging sevenfold—but Bitcoin itself is falling. A company that started as a new energy vehicle dealer, transformed itself into a crypto stock through a treasury plan to "buy 10,000 Bitcoins with $1 billion." The coin falls, the stock rises. What's really being priced here: the coin price or the narrative itself?

It looks more like a narrative play: the float is small, previous rounds of private placements were made using crypto assets as investment, and the correlation between the stock price and the coin price is actually the weakest link. When the coin price truly starts trending down, the premium/discount of such treasury stocks will eventually have to be reconciled.