Perpetual dilution of equity is where the yield comes from. And the fact that it results in a positive yield is because of the delta between the performance of assets and the cost of liabilities. It's essentially net interest margin. Or, perhaps, net discount margin, as bitcoin is being bought at a greater discount to future value than shares are being sold at.

Not to defend the model too much. It is still kicking the can down the road. At some point Bitcoin's growth slows and that discount gap shrinks, and may even invert. Unlike Bitcoin, there is such a thing as holding these products long enough that it really is 'too long.'

But for addressing short term cash flow needs, eh. It's not a product for Bitcoiners. But it does do what it says it does.