A future-state bull case for Bitcoin treasury vehicles: if the financial system dilutes/crumbles and entities can lend against Bitcoin (with the FHFA reportedly considering Bitcoin-denominated mortgages), these vehicles become Bitcoin-backed banks; lending in a Bitcoin reference currency lets them apply leverage to a 7-8% unlevered Bitcoin yield, producing high ROE that justifies large premiums to book — analogous to GFC-era banks levered 100x to hit 10% ROE.