The market is starving for leveraged $BTC exposure and that's exactly why Bitcoin treasury companies trade at premiums.

Same logic as $BTC futures staying in contango — traders want amplified upside without managing the leverage themselves.

Problem? Supply is way too thin. We need more intelligently structured vehicles that give clean, leveraged exposure to spot without the degen liquidation risk.

This premium isn't going away until more products hit the market. If you understand this dynamic, you're already ahead.