Bitcoin Per Share is DEAD for me as an evaluation tool of which Co I want to buy and it's not because of the Bitcoin. It's the Share Float that killed the usefulness of the metric. And the only way to make it useful again is engineer a compression in the stock float into a bull market after you engineer an expansion into a bear market. Bear Market = expand stock float through ATM to grab Bitcoin. Bull Market = compress stock float to allow massive stock price outperformance to the Bitcoin. Absolute Scarcity (Bitcoin) 🤝 Artificial Scarcity (Stock Float). And after the numerous conversations I've had in the last few days on BPS - with people I perceived as smart - I believe the BPS cope army is relying on some hopeful future mNAV expansion to hide the bad mathematics on the Share Float. I prefer valuation on book value of nominal Bitcoin assets - just to simplify it for myself for analysis. Here's the question that matters - if they ATM our stock to buy 1,000 Bitcoin - how many of those 1,000 Bitcoin do you think should "accrete" down to our stock? Call me old fashioned - but if you dilute my stock to buy 1,000 Bitcoin - I want all 1,000 Bitcoin of value added to my stock. Are you with me on that? Well what if I told you only 350 of every 1,000 Bitcoin were actually value added to our stock - so now every $1 that Bitcoin goes up - only $0.35 of value was being added to the common stock? How would that make you feel - if I was right?