The proceeds will buy $LEO. The collateralization is a total. If there are 10 RWA stocks, valued at $3 million, and the total $LEO holdings in Leostrategy is $10 million, then we are looking at a 3.33 to 1 collateralization.
That is just an example but that is why the amount of LEO held along with the price of LEO increasing turns it into a positive feedback loop.
As LEO drifts higher, the ability to collateralize is greater.
yep just like MicroStrategy
There are no separate vault. 1 vault. 1 number: the total LEO on the balance sheet