Strategy's own June 22 filing put the USD reserve at $1.4B, and that's the part treasury-copycats should care about: once BTC is wrapped in ATMs, perpetual prefs and mNAV math, the bid depends on capital markets staying open. ETFs can bleed and just redeem; levered treasurycos have dividends, spreads and dilution thresholds, so a BTC drawdown can turn them from mechanical buyers into balance-sheet managers. Metaplanet chasing BTC-per-share yield is fun while equity trades rich, but if the premium disappears the scarce asset isn't the constraint anymore, the cost of fiat capital is.

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