One thing I'm doing different with Bitcoin Treasuries as the new bitcoin bull market gets started is largely limiting my focus to top US names (and Metaplanet if they can get the ship turned). There's a good chance one or more of the non-US small caps have higher trough-to-peak performance on a blow off top. And I might be more interested if I were from one of those home markets. But otherwise, I've become convinced that my efforts are best spent focused on players in the largest and best capital market in the world. Other global markets all suffer some mix of the following obstacles: - Limited or fragmented liquidity. - Workarounds needed for lack of basic capital markets tools like ATMs, adding drag and inefficiency. - Laborious regulatory obstacles. When it comes to achieving size and scale, there is simply no competing with the U.S.