These companies probably end up liquidating the coins to buy back their shares so if you are looking for cheaper Bitcoin exposure I am not sure how far you are going to get. However, I do think there is value in identifying ones that have staying power (say from an actual business like Semler) who may have cheaper mNAVs than others. I am much more interested in these types of companies that actually have a profitable business and sweep the cash flows into Bitcoin fortifying their balance sheet and growing their book value over time as opposed to the Saylor copycats who are solely interested in financial engineering. I get the geographical arb thing where certain markets have advantages for an equity wrapper of Bitcoin holdings but how many of those do we really need?