Trades at a low premium to its Bitcoin holdings (1.07 MNAV) and is conducting a share buyback. However, the speaker believes the valuation gap with MSTR is too narrow, making MSTR the better value.

Presented as another vehicle for aggressive investors to gain exposure to the Bitcoin treasury theme, acting as a publicly traded proxy for Bitcoin.

Presented as a much riskier, more volatile Bitcoin proxy whose recent 'insane' 10% sell-off highlights the risks of smaller crypto-related stocks compared to leaders like MSTR.

The speaker sees a disconnect between the company's rapid Bitcoin accumulation (114% growth in holdings) and its recent stock price decline (-37%), viewing the current low MNAV of 2.2 as a compelling entry point with upcoming accretive share offerings as major catalysts.

An example of a Bitcoin treasury company the host is confident in holding, believing its market value will not trade below its Net Asset Value (NAV) of Bitcoin for long.

Its MNAV has fallen to below 3.0, which is noted as being 'as low as I've seen it,' suggesting it may be undervalued and due for a bounce.

Used as a valuation comparable to MicroStrategy. It is noted to trade at a high 3x Net Asset Value (NAV), which makes MSTR's valuation seem like a 'bargain' in comparison.