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Adam Livingston explores a hypothetical scenario where SATA maintains a constant trading value of $100 while delivering a 13% payout and producing BTC yield for ASST shareholders.
He raises questions about how to assess the forward-looking expectations of such an investment vehicle and how the market might price its premium over net asset value.
Livingston previously highlighted Metaplanet trading at a discount to market value, characterizing it as a fire sale in light of recent share purchases. In an earlier article, he described Bitcoin as the cleanest and most effective incentive system developed to date. His recent commentary continues to examine unconventional pricing and incentive structures in digital assets.