He was almost there but tripped and fell at the last hurdle.

Financials here:
https://www.sec.gov/Archives/edgar/data/1920406/000162828026048764/asst-20260720.htm

19921 BTC with total value of "$1.29B" as of today.
782.9 million of preferred stock (SATA) that they pay 13% dividend on which is $101 million annually.

They have 83.6 million basic shares outstanding, so let's play along with them and assign all the BTC value to the common (despite the preferred having priority in a liquidation scenario) We get 1290/83.6 = $15.4

But remember as a common shareholder now you are on the hook for the dividend on the preferred which amounts to 101/83.6 = $1.2 per common share per year.

They have no source of income. Let's calculate the present value of perpetual dividend payments. $1.2/0.04 (4% fed funds rate) = $30

So we have a $15 "asset" that will cost you $30 over lifetime for holding it. It should be valued at -15!!! I won't pay a dime for this piece of crap "investment". Nonetheless more fun for us ahead on this sub as the market catches on to this and fireworks happen. BTC will literally need to double to more than "$130k" for this to start having a positive value!!!

Alternatively if you value the common based on a liquidation scenario you get (1290-782.9)/83.6 = $6 of residual claim. Whichever way you look this stock is too expensive.

Makes sense they employ Jeff Walton as the Chief Risk Officer.