TL;DROnly 2.865 % of all Bitcoin held by public firms sit outside the top-10 addresses; concentration is extreme.Most “reserve” plays are copy-paste; long-term NAV premia are already eroding.NAV multiples >2× are common; a single bear-market cough can vaporize the premium overnight.Metaplanet exploits Japan’s 20 % dividend tax versus 55 % crypto-trading tax via zero-coupon convertibles + SARs.SPACs / PIPEs / convertibles / in-kind pledges dominate; Twenty-One & ProCap go public already fully-...

TL;DROnly 2.865 % of all Bitcoin held by public firms sit outside the top-10 addresses; concentration is extreme.Most “reserve” plays are copy-paste; long-term NAV premia are already eroding.NAV multiples >2× are common; a single bear-market cough can vaporize the premium overnight.Metaplanet exploits Japan’s 20 % dividend tax versus 55 % crypto-trading tax via zero-coupon convertibles + SARs.SPACs / PIPEs / convertibles / in-kind pledges dominate; Twenty-One & ProCap go public already fully-...