$BNC.US built a 230-share base position. The logic is that I’m bullish on BNB’s next cycle of prosperity, but BNC, as BNB’s treasury, trades at a 40% discount to BNB—meaning one BNB is equivalent to 80 shares. Yet those 80 shares only cost 400U, while BNB’s price is 700U. Also, as a treasury, it should command even higher premium power in a bull market. On top of that, there’s the IPO on-chain narrative mentioned by CZ. So I’m bullish long-term, but in the short term liquidity is lacking, so volatility will be relatively high. If you get hit with even a modest sell-off, you’ll lose more—so I only built a base position. If it drops further, I’ll consider adding #bnc