There's room in the market for a Bitcoin-backed operating conglomerate. A real Berkshire-style capital allocator that is anchored by Bitcoin. The model is simple: 1) Use Bitcoin on the balance sheet as permanent reserve capital. Build credibility and discipline around it. 2) Let that reserve anchor the equity. 3) Then use that equity to acquire boring, profitable, cash-flowing businesses in all-stock transactions. Structure deals with: -Earn-outs -Performance conditions -Vesting schedules -Clawbacks Essentially the acquisitions pay for themselves. The subsidiary cashflow covers operating costs and allows for the accumulation of more Bitcoin. Equity becomes acquisition currency. Now you have three compounding engines: -Bitcoin appreciation -Operating earnings that allows for more Bitcoin stacking -Capital allocation skill This is why this model can justify a premium. Can be valued more traditionally instead of just a mNAV premium. A Bitcoin-backed Berkshire. If executed properly, it's one of the most powerful corporate structures imaginable and a viable alternative to Strategy's fixed income model. Just sharing some ideas.

Sounds like the plan for XXI Capital