A Bitcoin treasury company does not require an mNAV expansion to outperform Bitcoin. Yep, a Bitcoin treasury company can outperform Bitcoin while its CEBE mNAV stays frozen at exactly 1.00x. No multiple expansion. No premium. No Saylor sacrificing a goat during a séance inside a volcano. Let’s make it easy. 100 BTC 100 common shares $100,000 of fixed senior claims No issuance, purchases, or sales At $10,000 BTC, the treasury is worth $1,000,000. Subtract the $100,000 claim and common equity has $900,000 of NAV, or $9,000 per share. That debt is equivalent to 10 BTC, so common shareholders have residual exposure to 90 BTC, or 0.90 BTC per share. Now Bitcoin rises 10x to $100,000. The treasury is worth $10,000,000, but the claim is still only $100,000. Common equity now has $9,900,000 of NAV, or $99,000 per share. The debt now equals only 1 BTC, leaving common shareholders with 99 BTC, or 0.99 BTC per share. Bitcoin went from $10,000 to $100,000. 10x. The stock went from $9,000 to $99,000 at the exact same 1.00x CEBE mNAV. 11x. Why? 10x BTC appreciation × 1.10x growth in CEBE per share = 11x stock appreciation. The valuation multiple contributed nothing. It was legally dead for the entire experiment. Fixed-dollar claims shrink in Bitcoin terms as Bitcoin rises, causing more residual BTC exposure to accrue to each common share. That is amplification. Anyone claiming a treasury company requires mNAV expansion to outperform Bitcoin has been defeated by the numbers 1, 10, 100 and 1,000.

Craziest chart in Bitcoin: look at the aggressiveness of the time to long term holder supply being in loss in 2026 versus other bear markets. 7.5 million Bitcoin are underwater right now. Long-term holders, sitting in the red on a record number of coins. Here's the part your financial advisor won't mention... this is what the bottom looks like. Every time. 2015, 2018, 2022 - each cycle low was carved at the exact moment a third of the entire supply went into loss and the people who bought the top finally gave up believing. The metric spikes because the marginal seller is running out of coins to sell. It's the sound of weak hands quietly transferring their Bitcoin to patient ones, right on schedule, for the fourth time. We're sitting at 37% of supply in loss - the same neighborhood that ended every prior bear market.

If Bitcoin closes June 2026 at $58,500, the monthly return is -20.6%. That would make June 2026 the 7th worst Bitcoin month of the last 10 years. Worse months since July 2016: Jun 2022: -37.3% Nov 2018: -36.5% May 2021: -35.4% Mar 2018: -32.9% Jan 2018: -25.9% Mar 2020: -24.9% Jun 2026: -20.6% So no, this is not normal chop. This is a historically violent Bitcoin monthly candle. Top-10 bloodbath territory. Exactly the kind of month where tourists declare the asset dead, forced sellers puke, leverage gets cremated, and long-term psychopaths start quietly doing math.