The $ASST bull case is hiding in the volatility. Since the SATA IPO, when Bitcoin has traded higher: BTC: +1.92% average ASST: +4.09% average That is 2.13× upside capture. When Bitcoin has traded lower: BTC: −2.13% average ASST: −4.04% average That is 1.90× downside capture. Yes, ASST is volatile. Nobody buying a leveraged Bitcoin treasury company should be expecting a Treasury bill. But the important part is that ASST has captured approximately 12% more of Bitcoin’s upside than its downside, and has outperformed Bitcoin on 62% of BTC-positive trading intervals. ASST is currently behaving like a roughly 2× Bitcoin instrument, except the company is still building the preferred-capital engine, acquiring Bitcoin and increasing the amount of BTC exposure attributable to the common equ
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