Growth, strategy, and premium leverage

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Numerous public firms have adopted Bitcoin treasury strategies in an effort to mimic MicroStrategy, which began purchasing Bitcoin in 2020 and now holds over $63 billion in BTC.
Public companies participating in Bitcoin treasury strategies often enjoy access to convertible debt markets, enabling them to use financial leverage to buy Bitcoin at a scale unavailable to typical investors.
Companies such as Trump Media & Technology Group have aggressively acquired Bitcoin, driven by rising prices and a favorable U.S. regulatory climate toward cryptocurrency.
Companies whose mNAV drops below 1.0 can no longer increase their Bitcoin per share by issuing stock, undermining a key advantage of the Bitcoin treasury model.

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mNAV and Bitcoin treasuries can the strategy hold when the ratio breaks?

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