People often misunderstand bitcoin-treasury companies. The core value is not the ATM or the day to day stock price. The core value is long duration Amplified Bitcoin. When a company secures long duration financing at an appropriate cost of capital, it creates amplified bitcoin exposure. The thesis is then simple: If bitcoin grows faster than the financing cost, the strategy works over the long run. It doesn’t require an ATM. The company can simply maintain its Amplified Bitcoin exposure by managing the balance sheet: selling small amounts of BTC when necessary to service dividends or interest, and issuing Digital Credit to acquire additional BTC when conditions make sense. The daily stock price is noise. In fact, it only creates opportunity. If the stock is expensive, the company can use its ATM to accretively increase BTC exposure. If the stock is cheap, it presents an attractive opportunity for investors who understand the underlying amplified bitcoin position. What matters is that the business maintains this amplified bitcoin position (through extreme volatility) and that your conviction in bitcoin’s long-term trajectory remains intact. Do not let inevitable noise shake your conviction. Lower your time preference. Keep stacking. 🟠(Joe Burnett, MSBA)