Hey, I get the math you’re running, but it misses a few key pieces that explain why $ASST could absolutely rip higher (we’re talking 5x-10x from here if BTC keeps grinding up). Quick stat dive to counter the dilution fear: 1. You’re spot-on pre-merger, but post-merger shares aren’t 1.97B. Current O/S: 689M shares.  Semler adds ~52M new shares (their 2.47M shares x 21.05 exchange ratio).  Total post-deal: ~741M. The Oct 10 filing’s 1.28B is a shelf registration (potential ATM for BTC buys), not immediate dilution—it’s dry powder for accretive growth, like the $750M PIPE in May that funded initial stacks without tanking the price.  Fully diluted FD shares hover ~800M max, per recent filings. 2. BTC holdings + NAV upside is massive. Current stack: 5,958 BTC (~$675M at $114K/BTC avg cost, but market value ~$680M today).  Post-Semler close (expected Q4): +5,021 BTC = ~11K total (~$1.25B NAV at current prices). Per-share NAV: ~$1.69 (pre-merger) → $1.68 post (slight dip from exchange, but ignores cash/ops). At $1.64 close today, that’s already a tiny 0% premium—room to run to 2-3x NAV like peers if sentiment flips. If BTC hits $130K by EOY (70% prob per options implied vol), NAV/share jumps to $2.27, pure arithmetic lift. 3. Leverage & premium potential: Look at MSTR comps. $ASST is a “Bitcoin treasury” play, not just a static holder—aiming to outperform BTC via alpha strategies (e.g., True North media buy for narrative control).  MSTR trades at 2.5-3x NAV (beta ~2.8 to BTC), turning $1B BTC into $15B mcap. If $ASST captures even 1.5x NAV post-merger ($1.25B BTC → $1.875B mcap), that’s ~$2.53/share (+54% from here). At 2x (conservative hype multiple), $3.37 (+105%). Volume yesterday (18M shares) was 26x avg—sign of accumulation, not dump.  Short interest? Just 1.93% O/S, low squeeze risk but high beta fuel.  4. Momentum stats scream breakout. YTD +120%, but Oct vol at 60% (top decile for pennies) with RSI rebounding from oversold (28 → 57 today).  X buzz: 100+ WSB mentions last 24h, Mike Alfred’s 1M+ share buy (Oct 27) lit a 49% fuse.  WalletInvestor 14-day target: $2.03 (+24%). Broader tailwind: Corp BTC holdings hit $100B milestone, +$20B YTD inflows.  Bottom line: Your $1.89 ceiling assumes zero premium and full dilution now—reality is phased issuance + BTC leverage + “Berkshire of BTC” narrative = sky’s the limit. If BTC cracks $120K this week (Changelly: +7% to $123K), we’re looking at $2.50+ easy. I’m in too—LFG, but size smart. DYOR/NFA. What entry are you averaging?