BTC treasury math
When you buy a bitcoin stock at mNAV = 2 you are immediately losing 50% your bitcoin.
Then, you get btc/share that will gradually reduce your loss and may eventually even increase your bitcoin.
But reduction of your loss depends on a persistent flow of future buyers at a high mNAV that will fund your btc/share.
But for those future buyers to recover their btc loss, there needs to be an even greater number of buyers at a high mNAV.
What do we conclude from this dynamic?

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