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1x mNAV bitcoin treasury companies are interesting because you get leveraged bitcoin exposure at low interest rates, long duration debt, and no short term liquidation risk. >1x mNAV bitcoin treasury companies are interesting because management can issue equity and arbitrage their premium into BTC Yield quickly. <1x mNAV bitcoin treasury companies are interesting because you get leveraged bitcoin exposure (trading at a discount) at low interest rates, long duration debt, and no short term liquidation risk. In short, public bitcoin treasury companies are extremely interesting in nearly all market conditions, if you are optimistic about the future of bitcoin.

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