My thoughts on Bitcoin Treasury companies.

I strongly support a company saving its cash generated profits in Bitcoin, particularly that portion of savings that will not be needed for the businesses' growth initiatives within the next 4 years. It is effectively behaving like I do with my own personal finances.

With respect to Bitcoin companies that create complex debt strategies, Preferred equity arrangements and ATM sells to buy Bitcoin, some will drastically fail and others will survive, but will sustain massive price volatility along the journey that I fear many retail investors are unprepared for. The gameplay is extremely complex.

Beyond the companies' ability to pay debt/interest commitments with limited free operating cash flow, I struggle to see how they will continue to buy bitcoin when/if NAV goes below 1.0. Furthermore, during down markets, I struggle to see how future debt/Preferred equity offerings can be attained at attractive rates. Again, the gameplay is extremely complex.

To me, what has been forgotten in this hype mania is the core thesis of Bitcoin. To get honest, fair, non-permissioned money in the hands of its citizens. Yes, ETFs help provide SOV and that is great but let's be honest... the most indigent among us are those that need Bitcoin the most... they do not have brokerage accounts. I truly believe MOE is key to broad worldwide adoption and we as a community need to be more actively seeking out opportunities to expand its acceptance with Merchants.