- ASST’s treasury grew from 19,921 BTC on July 17 to 32,773 on October 9 (+65%); BTC per diluted share rose 20% to 27,801 sats.
- The $27 warrant overhang is clearing: $208M of cash arrived, more than 11M warrants were exercised since mid-September, and 15.3M remained scheduled to expire at 5 p.m. ET.
- The author sees ASST’s structure as superior: no debt, SATA as the sole senior credit instrument, cumulative penalty compounding paid daily, and a $100 minimum issuance price in governing documents.
- The author is long ASST after buying through winter, including at 0.75x mNAV and near $84K BTC; weekly 8-Ks will test BTC/share, float efficiency, and senior-claim coverage.
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