I did some research into the Strive merger (Viveks company that is turning into a BTC). Although I'm not going to invest (mNAV offering is too high at 2.2x) I do think they have some clever strategies.

Essentially they are looking to merge with companies with "stranded capital". As example, take some biotech company that has $70M in cash on its balance sheet but their drug either failed approval or failed in actual testing....that company in many cases will be trading at 0.9 NAV (ie. less then the cash they have). Although counter-intuitive, thats because there are not lots of good options for them....if they simply close up shop and dividend out the money then it all shareholders get hit with ~15-30% tax hit....

What Strive is offering is: We will give you mNAV 1:1 shares in our BTC company in return for your cash. Then obviously putting that cash into more BTC.

My point on this, is I think the innovation and financial engineering still has a long runway.