There’s a lot of debate in the Bitcoin treasury space right now. Let me share how I think about it, as an investor not a CEO, in simple terms. A Bitcoin treasury company is, fundamentally, a balance sheet. That balance sheet can be managed through different capital structures: ordinary equity, preferred shares, traditional debt, convertibles, and so on. Each comes with trade-offs. Cost of capital, risk, investor appetite and the degree of leverage (or amplification) are all important considerations. There is no single structure that is right for every company, at every point in time. There are always trade-offs. But ultimately, a company belongs to its shareholders. Capital allocation decisions should be made with one objective in mind: maximising long-term shareholder value. For a Bitcoin treasury company, I think it is important to understand: 1) Bitcoin per share: how much Bitcoin does each share represent? 2) Future growth potential / sustainability: how much can that Bitcoin per share grow over time? 3) Risk: what risks are being taken to achieve that growth, particularly over the investment time horizon that matters to you? Different companies will pursue different strategies, and that's absolutely fine. What matters is whether those strategies create value for shareholders over time. And obviously beat Bitcoin performance as that is the benchmark. As an investor, I'll continue to assess both the short-term and long-term implications of management decisions, alongside each company's current valuation, growth potential and risk profile. And I'll allocate my capital accordingly. Ultimately, it's not about which capital structure is best in isolation. It's about which decisions create the most long-term value per share balanced against the risks that you are comfortable with.