Yeah, there’s no way around the cap gains hit if you put BTC directly into a fiat-denominated SAFE.. unfortunately it’s treated as a sale. That’s why removing cap gains on BTC is a way bigger priority than all this other noise. The cleanest workaround right now is taking a BTC-backed loan and investing the fiat into the SAFE. In your current structure, you’re effectively putting that loan risk onto the founders instead of keeping it with the investor.