Good luck to @APompliano and the $BRR team. I mean that sincerely. The setup here is fascinating. If Bitcoin climbs from $62,156 back to its $126,000 ATH, Bitcoin returns 102.7%. But if BRR simultaneously rerates from 0.60× to 1.00× its common-equity Bitcoin exposure, the model takes BRR from $1.72 to $6.52. That is a 279.3% return, outperforming Bitcoin by 176.6 percentage points and delivering 2.72× Bitcoin’s percentage return. $10,000 becomes either $20,272 in Bitcoin or $37,934 in BRR. And this is not merely multiple expansion. As Bitcoin appreciates, BRR’s fixed $99.6 million senior claim collapses from 1,345 BTC to only 663 BTC in Bitcoin terms. More of the reserve economically migrates to common equity. CEBE rises from 4,576 to 5,178 sats per share a 13.2% increase. Bitcoin
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