@shortsegments here’s the reference. LeoStrategy describes itself as “a permanent capital vehicle that generates revenue to purchase LEO on our balance sheet,” which supports the point that the model is treasury/token based rather than a simple company sale LeoStrategy site and this official post. A second official write-up says “100% of the proceeds are used to buy LEO” and explains treasury-owned revenue mechanics in Phase 2.0. So the cleaner framing is: exposure comes through LSTR/treasury participation, not “buying LeoStrategy” in the normal M&A sense @leostrategy on Hive.
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