Chaitanya Jain(@CJ_Bitcoin):@parkeralewis I agree with your math, but I think its incomplete without a sensitivity analysis. Common stock investors expect $BTC appreciation to exceed the cost of preferreds, which causes NAV/share to outperform $BTC over time. The premium reflects those future expectations.

Chaitanya Jain

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Chaitanya Jain@CJ_Bitcoin

2026.06.11 17:09

@parkeralewis I agree with your math, but I think its incomplete without a sensitivity analysis. Common stock investors expect $BTC appreciation to exceed the cost of preferreds, which causes NAV/share to outperform $BTC over time. The premium reflects those future expectations.

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