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$ASST just bought 2,500 BTC last week. That's a 15% BTC Yield in one week.

$MSTR sold Bitcoin for the first time since 2022. A new era of net-positive accumulation.

$SQNS is slowly unwinding its Bitcoin position. Their Bitcoin holdings are down 80% since September 2025. Their $189M convertible bond is fully paid off. But it didn't mature until 2028. Instead of waiting it out, they became forced sellers at the worst possible moment.

Huge buy from $ASST

BTC treasury $BTM is facing bankruptcy. Their operating business of Bitcoin ATMs has been running with a huge loss. This is why it's essential to look at the operating businesses of the smaller treasuries.

Conviction.

And yet another one.

Another one out.

The higher BTC exposure wins. Whether you borrow at 13% or 11.5% won't matter. It's all about how much you can borrow.

The future $MSTR is 150% BTC exposure

No other treasury has 33% amplification and 0% debt $ASST

$ASST is now the purest form of Bitcoin exposure. No debt, only amplification. If you believe that BTC is going to $10M. You want to hold the company with the highest exposure. Not only does it have the highest Bitcoin exposure, it also captures high equity upside due to its small size. This is the most interesting treasury trade right now.

$PRE sold its entire 521 BTC stack.

I would put $BTCAB and $XCE in the same tier. Small size with strong conviction.

BTC treasuries deserve to trade at a premium to NAV because management can execute conviction arbitrage.

Conviction.