No bueno. Just raise in fiat and offer bitcoin as a payment rail with a fiat reference if necessary, then run a btc treasury strategy. As written, this puts startups behind the 8-ball from the beginning and, at scale, creates an ecosystem of net bitcoin sellers. This instrument still pegs it all to fiat with worse terms for the startup.

This only works once there’s no fiat references at all. IE when bitcoin price is a relatively stable unit of account. We’ll get there one day.