A 1x mNAV bitcoin treasury company with intelligent leverage is attractive if bitcoin outperforms fixed income.
Therefore, a premium develops (in a bull market).
Then the treasury company can arbitrage that premium into BTC Yield immediately.
This is the BTCTC phenomenon.
Similarly, a 1x book value bank is attractive if their loans (assets) outperform their deposits (liabilities).
Therefore, a premium develops (in a healthy economy).
Then the bank can issue more loans, get more deposits, and earn more spread over time.
This is bank valuation.
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