If you're looking at Bitcoin Treasury companies thinking they need an underlying business model to pay the debt... you're looking at the old model... When $MSTR pioneered this strategy w/ converts, everyone obsessed over their software business and whether they could service the debt. but... That was Strategy 1.0. Strategy 2.0 is a highly reflexive feedback loop. 1. Raise equity to buy the bitcoin 2. Harvest mNav w/ATM to buy more Bitcoin 3. Raise $ by selling preferreds, buy more Bitcoin 4. Harvest mNav w/ATM to buy more Bitcoin Repeat indefinitely. Why? Because the market wants PURE PLAY Bitcoin strategies. They have the highest correlation to Bitcoin moves - they track Bitcoin volatility, not whatever random business model is underneath. This is why you see pure plays with insane mNAVs even when companies like Semler have more Bitcoin and higher yields. The underlying business is holding back the correlation and mNAV multiples. Strategy 2.0 = pure Bitcoin exposure. The market has spoken