down the road, saylor should buy out the smaller treasury companies with strong operational businesses. pull a buffet and let them keep operational control while you take the equity. he can defend his mNAV and diversify his operational income.

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Diversify his operational income would t happen if they are all doing the same thing without a core business operation that makes a majority of the proceeds relative to the “securitization of bitcoin” line of business. It also makes it harder for the fixed income investors to understand the underlying assets that are securitizing the preferred stock he’s issuing.

interesting… trying to think through how this will look down the road. fascinating for sure. appreciate your perspective