Saw an interview with Eric Semler where he says that BTC treasury companies will eventually get bought by larger companies wanting treasuries. Never consider that, but it makes a lot of sense. If AAPL, for example, wants 100K BTC, goes through a shareholder proposal to buy, the price shoots out of reach before they even begin. But if they acquire 2-3 treasury companies, price doesn’t move until after the fact. Make no mistake, the treasury companies will demand a BIG premium above NAV somewhere between the asset value and what it would cost if they tried to buy it on the open market. Then again, maybe they’ll wait until the bear market, pick up some distressed ones that can’t pay their debt to get a discount. But either way, that’s another exit strategy for the shareholders.

Sudoku puzzles use the numbers 1 through 9, but they are not numbers, just logical variables. One could just as easily use letters or even colors. Wonder if some visual savants could look at hard puzzles with colors and *see* the solution without needing to use logic.