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It's not. And a lot of people in the industry have pointed out that the valuation is pretty wildly decoupled from potential.
The most compelling argument I've heard is that it's a lot of retail -- small -- investors who politically support Trump and have no idea what they're doing buying into a complicated vehicle because Trump's told them that he's gonna make them rich. I remember some article a while back talking about the high proportion of retail investors.
kagis for an example
https://www.ft.com/content/5fdd8a48-ce51-4e3b-b450-49fce86f37d9
Honestly, I think that there's some argument that the SEC should do something about people getting burned like this, though I'm sure that if they did, Trump would go into another one of his spiels on being oppressed.
Like, you may not like Trump supporters, but I remember reading some articles about people putting their life savings into this. I mean, it's not gonna be pretty.