The premium is such a funny thing. It seems to be purely derived mostly from confidence of investors(our confidence ). So if there is the slightest breeze of confidence, it really lowers and then it seems hard to get off the ground again.

Metaplanet has really had great success with keeping it high... Semler not so much. I'm curious to see how the addition of Joe Burnett fuels confidence in Semler.

I' heard something about an MNav of 2 at the end of the growth phase just due to banking stocks trading at 2 of their assets. (I could be misremembering tho).

I have been a little wary of some of these recently because I'm starting to wonder how much of the high MNav is driven by same American investors who are Bitcoin believers doing the exact same thing in each company.

My concern is that the quantity of believers is not really growing organically enough to sustain.

It's like lighting a fire with tinder and slowly feeding it bigger logs.

It does seem like Strategy has the setup to really be a roaring bonfire.

Or maybe if the Bitcoin price rips, each company with Bitcoin treasury will already be a roaring fire and investors will bring their woodpiles to throw in them.