Risk is mispriced, globally

Jeff Walton

⁦‪@PunterJeff‬⁩

Spotify ENTIRE music catalog LEAKED

Financials:
$119B mkt cap
$14.6B in assets
$6.9B in total liabilities
$1.9B in Net income

13x P/Book ratio
$5.4B liquid assets

Risk is mispriced, globally. pic.x.com/0d80gg93lc

12/21/25, 9:21 PM

– Anna’s Archive scraped Spotify’s entire catalog using public APIs, extracting 300TB of data including 86 million audio files and metadata for 256 million tracks, then released it via torrents on December 20, 2025, to preserve music against platform failures.

– The post highlights Spotify’s $119B market cap against $14.6B assets, $6.9B liabilities, and $1.9B net income, suggesting a 13x price-to-book ratio misprices risks from easy content duplication and piracy.

– Thread replies connect the leak to broader threats like quantum computing eroding centralized data moats, while praising Bitcoin’s resistance to such vulnerabilities.

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Risk is mispriced, globally

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