The NAV premium reduction is the biggest negative investors face vs native BTC or an ETF. Most of the other negatives are weak
Compression of NAV to 1 is a big deal. It means ATM can’t be completed accretively. However, it doesn’t mean CBs can’t be issued (volatility will remain). Have you ever come across any good research which tries to estimate what a sensible NAV premium should be? Anything we can learn from long term P/E multiple in tradfi markets?
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