I consider Mark a friend as well. What I've said: the buyer of COMMON equity of bitcoin treasury companies is the logical buyer of bitcoin dollar for dollar. The buyer of PREFERRED equity is lending fiat forever with practically no credit protections = terrible investment. The buyers of preferred equity in bitcoin treasury companies are being told "bitcoin is too volatile for you". No, it's not. Just buy less bitcoin. Manage volatility by a smaller allocation. If you own a fixed equity claim denominated in fiat, it is going to zero. There's a reason bitcoin treasury companies always talk about the $300 trillion credit market but will never explain to you why the global perpetual preferred equity market is about $1.5 trillion. It is obvious. Mass Mutual (a pre-Civil war founded insurance company) needed neither the ETF or a perpetual preferred equity security to buy bitcoin. Bitcoin treasury companies are structurally engineered to have negative bitcoin denominated cash flow into perpetuity and this is the brilliant idea that has captured the imagination of so many bitcoiners. It is an inherently fiat business and the "space" is going to become a very lonely place. Once popular, one by one, people you respect will quietly figure it out and step back and one day you will wake up and the only people peddling these companies will be people you don't know, nor have any reason to trust. Do what you will with your own money but do not be surprised to get less bitcoin by buying a security at a premium to NAV in a double tax structure. Focus on value creation and return of capital, not paper gains.