Let's run the boring version of the Strive ($ASST) bull case. No new shares. No additional Bitcoin bought. No premium re-rating. Just the balance sheet that already exists today. ASST holds 19,863 BTC against roughly $783M of preferred stock sitting senior to the common. That structure bakes about 2x leverage on Bitcoin into the residual equity, and it's already on the books. Send Bitcoin back to its all-time high near $126k, a +109% move from here. The preferred claim is fixed in dollars, so every leg higher in Bitcoin shrinks that claim in BTC terms. Coverage that used to belong to the preferred quietly rolls down to the common. Sats per share climb from 12,119 to 18,494, a 53% jump, while the company never touches the ATM or buys a single additional coin. Hold the multiple
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