Yes I’d generally agree - I think one point around this being - at what point of MNAV compression would you stop using the ATM like facility? Of course it’s a balancing act but I sort of have the view that you increase the stack almost no matter what at this stage. 10k btc has to be the next target.

Thoughts on SWC Bitcoin based convertible debt as announced this week in the UK.. This is a loan of $21m worth of Bitcoin, so let’s say around 180 btc and increases their stack around 8-9%. It’s at zero interest in Bitcoin terms. The conversion sits at 5% above the equity price from the lenders point of view, and can be triggered once 50% above from the companies point of view and only after 6 months for this latter option. Basically, the binary way to look at it is as to whether it converts or not - if it does, the company gets an extra atm at around 200p. If not, the loan just gets paid back with minimal loss in Bitcoin terms. Why would the lender convert? If the shares have performed better than btc. Why would the company convert? As long as the effective purchase of bitcoin at the conversion price is accretive to shareholders. Strikes me there are some edge cases where the lender could lose in btc terms but they are marginal - eg equity goes up 55%, but btc goes up by even more - lender ends up with the shares and not the btc? Be interesting to see if there are further of these and on slightly better terms for the company - ie ends up being a more accretive atm if converted. #swc #btc

The audacity of $STRC / Stretch, allowing the market to set the interest rate🤯 Somewhere up in the clouds Mises, Hayek and Rothbard have read the prospectus… and they’re smiling.