Few questions nagging me about treasury management companies: (1) How do you comply with ongoing PubCo disclosure obligations? If you disclose ongoing efforts of the digital asset issuer, you're increasing securities laws risk for the digital asset. If you don't, you may be committing fraud. (2) How do you reconcile a commitment to digital asset holders to support the price of the asset with equity capital raises of the PubCo with the Gary Plastic case? (3) What do you do when the shares eventually trade below NAV? These problems are manageable for treasury management companies being set up by third parties for very mature projects like BTC, ETH, and SOL. I'm not sure these problems are solvable where management teams of less mature projects are spinning up and controlling these public vehicles themselves. Crypto lawyers should be doing a better job here.