SVB became worthless by virtue of real changes in the real economy. Of course it can happen that a company goes bankrupt, and then its fundamental value is zero or negative. But the point is that there is a fundamental value that is realised over time. The market value is a good estimate of that fundamental value according to the EMH, but if you have a better analysis and better estimate of the fundamental value you can trade and then realise that difference over time if you were right.

> a company is just as fictitious as bitcoin

Nonsense.