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🟠 Why Bitcoin for Bitcoin M&A
1/ On the surface, BTC for BTC M&A appears flat. Your % ownership of the combined stack equals your contribution. Sats per fully diluted share: unchanged.
2/ But here's what most miss. If your company carries liabilities, say, convertible notes. You get paid for the full BTC on your balance sheet. The debt stays. You don't deduct it from the deal.
3/ The target companies bring their bitcoin. H100's debt stays on our balance sheet, it's not deducted from the deal. More BTC in the combined entity, same leverage intact. That's what makes it accretive to existing shareholders. Sats per basic share goes up.
4/ H100 has convertible notes with 4+ years remaining on terms we like. We wouldn't do a deal that forces us to deduct that debt from our bitcoin value at today's price. BTC-for-BTC means we don't have to.
5/ "But you reduced your leverage ratio?" Yes, short term. But size matters for a treasury company. A bigger balance sheet unlocks collateral you can't access at smaller scale: new products, new financing structures, institutional conversations that weren't possible before.
6/ Net result: higher sats per basic share, more unencumbered BTC available to build on, and a balance sheet that can actually play the game.
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