Not mentioned: maybe dump your ancient, near zero cost coins into a treasury security origination for fiat spot coin share cost basis without realizing any cap gains? Hell, clear whatever holding period and sell shares for writeoff losses when the price falls below in-kind issuance...so, tax-free++ dumping on retail for any whale entity so inclined. Use the proceeds to buy the coin back and spend the difference?

But also imagine losing your ass on heavily discounted shares notifwhen price and NAV go down...better off paying massive CG? Maybe, unless terms can be rejiggered to dilute security holders sufficiently

Hunch: almost all of these deals are destined to provide future discounted captive coin supply via acquisition for ie mstr