I think B) is the relevant one for me. And it’s their ability to continually tap the capital markets and increase this which is compelling. Of course that also inevitably leads to A), but that’s not an explicit target - I reckon watching the q3 earnings call and the Bitcoin principles slide is highly useful here.
Of course the golden question will be - at what level of A) does it all get too bullish and toppy versus simply owning the bitcoin?!