This is the type of garbage that has induced so many people to buy into bitcoin treasury companies and get burned. Don't trust, verify. Doesn't mention anything about corporate double taxation (i.e. if the bitcoin was distributed via a dividend), no mention of risk (of which there are many), doesn't mention that you still wouldn't have any bitcoin. Also doesn't talk about the scenario where the stock is trading at a steep discount to NAV if/when bitcoin trades at those levels. Now, if you didn't account for any of the risks and just accounted for corporate level (double) taxation if the bitcoin were distributed to shareholders via a dividend (aka deemed sold), that would result in a 1.3% annualized bitcoin denominated return (before any dividend tax to you). When you account for the very real risks, i.e. if you discounted the future scenario by >1.3%/year, the stock is overvalued. If bitcoin is going to $1,000,000, just buy bitcoin. Sell the stock. If you haven't read the financial statements and don't understand how to account for whether the converts are converted or not, sell the stock, just buy bitcoin. Your risk is negatively asymmetric. These people throw out big scenarios, never talk about risk and it's because they need *you* to buy the stock rather than bitcoin to reinforce and validate their own financial investment.(Parker Lewis)