If LSTR consistently trades at a 1.5x-2.5x mNav (and I think it should be this or higher based on the LPS Velocity), then that means that every $1 of LEO acquired has $1.50-$2.50 of added value to the flywheel
In other words, LeoStrategy can issue a preferred (like SURGE) to raise $400k in capital. That $400k buys $400k worth of LEO and that LEO is actually adding $600k - $1,000,000 in value to LSTR common holders
The reason why this is possible is velocity. The more that LeoStrategy accumulates, the more that they're able to do both:
- Profitable operations (Market Making & New Products/Services around their balance sheet)
- Treasury operations (Preferred tokens and new cross-chain derivatives)
We are still in inning #1. Pushing the flywheel by selling out SURGE moves the needle in a measurable way