Sats per share will increase when they can tap the ATM at a higher mNAV. The mNAV will climb because they aren't issuing as many shares, but are still seeing strong Bitcoin growth rates because of the perpetuals being able to do the heavy lifting. For this reason, when they do tap the ATM BTC per share will increase. Keep in mind that this is later cycle stuff. More towards the irrational exuberance phase. $ASST
Micro2Macr0Share
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