pnkstr at 59.4x modified nav isn't broken. $300m market cap needs $123k daily fees at 6.67x p/e. they're pulling $170k-$800k daily. the treasury holds 22 cryptopunks worth $5m but that's irrelevant. you're not buying punks exposure you're buying $233m annual fee generation that's already happening. every new strategy launch adds 1% perpetual buy pressure. modified nav stays elevated as long as degens keep trading
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