The bitcoin treasury company phenomenon is fascinating, and good for bitcoin. When the company’s equity trades at a premium to its bitcoin holdings, it can issue new shares at-the-market to accumulate more bitcoin, increasing BTC per share and creating a reflexive flywheel. When the equity trades at a discount to its bitcoin holdings, investors gain exposure to discounted bitcoin with embedded leverage—low interest rates, no short-term liquidation risk, and potential upside if the mNAV premium returns. It's called intelligent leverage. h/t @saylor