Jul. 21 at 4:50 PM
$BRR currently offers one of the cleaner residual-BTC setups among the discounted treasury companies.
Its 5,405 BTC are worth about
$360M. After approximately
$73.6M of net debt, roughly
$286M remains for common shareholders versus a market cap near
$180M.
That values common at about 0.63x residual BTC value. Closing that gap alone would represent roughly 59% growth in market capitalization before requiring BTC to appreciate.
The capital structure also shows no tracked in-the-money dilution overhang. BRR does not need to issue new shares for the existing setup to work: current holders retain BTC exposure, modest balance-sheet leverage, and a substantial discount-compression opportunity.
Treasury/share basis: June 1. Cash and debt: May 14.
