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[@WaterboyWalton](/creator/twitter/WaterboyWalton)
"Even leverage is not a clear "value" add. Generally capital structure doesn't affect firm value much though it's complicated. Leverage can add value through a tax shield.but considering you're already facing an added layer of taxation when getting $BTC exposure through a treasury company (vs. just buying $BTC yourself) so that's not exactly a great point in favor of leverage. Leverage might add to firm value through other means but even then it doesn't come anywhere close to justifying a 2x mNAV (especially when debt/assets is like 20%). In my mind any benefit from leverage is more than"  
[X Link](https://x.com/WaterboyWalton/status/1978604306686177743) [@WaterboyWalton](/creator/x/WaterboyWalton) 2025-10-15T23:30Z XX followers, XX engagements


"On the $ASST and $SMLR merger I'm really struggling to decide what the funniest outcome would be. I'm stuck between the deal getting cancelled or the terms being amended with $ASST doubling down on the retarded premium"  
[X Link](https://x.com/WaterboyWalton/status/1979148359836254558) [@WaterboyWalton](/creator/x/WaterboyWalton) 2025-10-17T11:31Z XX followers, 3110 engagements


"I can't tell if he's being intentionally obtuse or if he seriously can't understand the difference between insurance and a debt arrangement. "Chief Risk Officer" though. 🙄 $MSTR $BTC $ASST"  
[X Link](https://x.com/WaterboyWalton/status/1978266797389316353) [@WaterboyWalton](/creator/x/WaterboyWalton) 2025-10-15T01:08Z XX followers, 1478 engagements


"Genuinely I respect your conviction in these treasury companies (I wouldn't be able to stomach this price action if I had the same thesis). That said my guess is that a lot of the people capitulating actually do believe $BTC will go to $1M by 2035. But still why would they want to pay for that $BTC through a treasury company like $MSTR (or even smaller ones like $MTPLF or $ASST) when they can get it cheaper themselves through an exchange There's no premium no management overhead no corporate taxes no agency risks/costs etc. Almost certainly any potential benefits of preferred equity or debt"  
[X Link](https://x.com/WaterboyWalton/status/1979909666097217954) [@WaterboyWalton](/creator/x/WaterboyWalton) 2025-10-19T13:57Z XX followers, XXX engagements


"@Winstonmickey1 I love how much time these guys started to spend talking about the debt/preferred side of things.conveniently as the equities started to go south. They just cannot admit when they are wrong"  
[X Link](https://x.com/WaterboyWalton/status/1979915420539744751) [@WaterboyWalton](/creator/x/WaterboyWalton) 2025-10-19T14:19Z XX followers, XX engagements


"I can see the difference. You are right that they can increase bitcoin per share at least for now. The deal is you get less $BTC upfront (vs. the amount you'd get through an exchange) for the promise that the BTC yield will make up for it in the long-run. But the only way these companies can increase bitcoin per share safely (i.e. without leverage) is if new stockholders continue to pay a premium for the underlying net assets. That's a game of musical chairs. Would you really be comfortable paying even a XX% premium (and getting only two-thirds of the $BTC you would have gotten yourself) if"  
[X Link](https://x.com/WaterboyWalton/status/1979919123975983113) [@WaterboyWalton](/creator/x/WaterboyWalton) 2025-10-19T14:34Z XX followers, XX engagements


"Yeah this is a real headscratcher. Curious to learn how $BTC adoption would meaningfully reduce opportunities for PE funds. Even if we could somehow determine what the appropriate number of PE funds should be at any given time how does $BTC prevent resources from being misallocated in the first place It doesn't give anyone a crystal ball"  
[X Link](https://x.com/WaterboyWalton/status/1980023457497727414) [@WaterboyWalton](/creator/x/WaterboyWalton) 2025-10-19T21:29Z XX followers, XX engagements