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Capital Efficiency
Instead of holding spot BTC like MicroStrategy, the bot runs fully collateralized with USDC/T-bills, deploying leverage only during identified vesting windows. Target Sharpe is asymmetric: capture 60% of the downside volatility with 40% of the upside bleed,
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The MicroStrategy structural play is essentially a perpetual leveraged long gamma position on Bitcoin collateralized by enterprise cash flows and convertible debt. To engineer the inverse requires inverting every parameter of their balance sheet mechanics while exploiting
