What I think @RealJimChanos may be missing is that there’s a kind of Jevons Paradox happening with bitcoin treasury companies, where increasing the supply of access to intelligently leveraged bitcoin exposure actually drives more demand for bitcoin itself. It’s similar to how a speculative attack can become self-reinforcing, where initial momentum increases confidence and accelerates the underlying trend. Corporations like MSTR tap their common equity ATM, increasing supply, but use the proceeds to buy more bitcoin. That very act accelerates global bitcoin adoption by making intelligent leverage through a public equity product more accessible to investors. And it’s why the market is ascribing a premium to these companies as it believes bitcoin adoption will continue and it craves exposure to amplified bitcoin returns.