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Not all crypto treasuries are playing the same game anymore. Strategy added 4,603 BTC and still depends heavily on financing plus BTC appreciation. BitMine added 53.5K ETH, but staking turns much of its treasury into an income-producing asset. That's a meaningful difference. One model maximizes exposure to scarcity. The other combines exposure with yield. Both create structural demand, but dilution and concentration still matter. #CryptoTreasuryBuying