Equating GBTC premium with bitcoin treasury company mNAV >1x doesn’t really work: the economics of creating GBTC at par accrued to third parties competing with each other and thus no self-limiting factor, and BPS drifted down with the fee. With a bitcoin treasury company it’s the common stock that accrues BPS from creating at par (ATM) and the self-limiting factor is that the company has a monopoly option on its own stock issuance, so it maximizes value by self-restraining issuance to balance its sell pressure (negative mNAV impact) with expectations of future BTC yield (positive mNAV impact). Add on top of that zero-coupon converts. Of course these companies have/can/will trade at <1x mNAV in a bear market, but that’s not a wipeout if the mNAV subsequently expands back to >1x in a bull market.