@btcfuturist@TNorth@AdamBLiv same shit different toilet. infinite issuance of credit on top of hard money. the point is to use the hard money directly.
Banks, brokers, ETFs, and asset managers routinely use qualified third-party custodians instead of physically holding every asset themselves. Custody and ownership are different things. Strategy still owns its Bitcoin. It simply uses institutional custodians for security and operational reasons. Outsourcing custody doesn't make it "less of a bank"; it's how much of modern finance already works. Dilution only matters relative to the value created. If issuing shares buys more Bitcoin per share than it costs existing shareholders, it can be accretive rather than destructive. The real debate isn't "is there dilution?" but it's whether the capital allocation increases long-term Bitcoin per share.