"Across a probabilistic range of outcomes, we believe the expected total return of $ASST is maximized by driving Bitcoin amplification as high as we can responsibly support while maintaining strict capital discipline, including no debt, no margin requirements and no financing structure that creates a forced-liquidation mechanism. The structure looks optically simple, which was intentional, but the real work is underwriting both sides of the distribution: how much downside can the structure survive, and how much upside are you giving away if Bitcoin performs the way you believe it ultimately can?"
Show more
