Ann: INVESTOR WEBINAR PRESENTATION, page-2

So the strategy is buy BTC and increase the BTC per share metric..

How? By leveraging the full 'capital stack' i.e. borrow or equity raise money to buy more BTC. Also use the cashflow postive SMS which they intend to grow - seems unlikely as a niche play but hope I'm wrong. Sell all Solana.

Will grow the BTC ETF through better institutional promotion. OK.

Essentially following the Strategy (as in MSTR) playbook in the US with a hope of getting a crazy valuation and grow forever into a crypto world. Very speculative vibes.

I'm going to watch this for now. Am genuinely concerned the shares simply become BTC with an overhead. Seems great now with all the positive crypto news, less so when the market tanks again.

What do others think?