Glad to see you covering LBE's (Leaveraged Bitcoin equities). I've started researching this too.

Came across True North interview with semler, Eric Semler blames headwinds the company is facing, struggling because fda won't approve some new cardiac treatment and doj sued them.

He doesn't say this in the video, but I get the feeling they've unfairly targeted semler because they are a high profile bitcoin treasury company. And so if semler crashes and burns then it would put off all the other big pharma that could potentially enter the bitcoin space.

What Mark Moss says in your video about semler not being perceived as a bitcoin treasury company can't be dismissed, he definitely has a point.

The True North interview with Semler is worth a watch. 👍