At Smarter Web, we use fully diluted EV vs Bitcoin value for our mNAV metric. Right now we trade at 1.47x mNAV. I spend a lot of time thinking about what mNAV a Bitcoin treasury company should trade at. My view is that there isn’t a single right answer. One factor I believe is particularly important is the breadth of the capital markets toolkit available to a company. I think the market has increasingly recognised that Bitcoin treasury companies with preferred equity in their toolkit have greater flexibility and more avenues to fund accretive growth than those without. I share that view. Is a 1.5x, 2x, 2.5x or potentially higher mNAV expensive for Smarter Web? In my opinion, no. Today we have multiple tools at our disposal, and in the future we should have MORE. Having MORE tools gives us MORE options. Our job is to use those options intelligently, allocating capital with discipline and a long-term focus. LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8