I love the risk profile of $ASST. They have zero debt and can't default, and they heavily amplify your Bitcoin exposure. Hypothetical scenario with current balance sheet: - Bitcoin goes to $150k over the course of a year - They issue ASST shares to raise dividend money - Zero common stock issued to buy Bitcoin - Zero SATA issued to buy Bitcoin - mNAV goes from 1.5x today to 1.1x even after the Bitcoin run up - Zero Bitcoin purchased in one year Projected stock return decomposes into 2.35× BTC price appreciation, 1.39× CEBE sats/share accretion, and 0.73× CEBE mNAV rerating. Total projected stock multiple: 2.40× BTC: $63.93K → $150.00K CEBE sats/share: 13,115 → 18,231 CEBE mNAV: 1.50× → 1.10× ASST goes to $30.08 and still outperforms Bitcoin by 2%.
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