4,467 BTC is tiny next to Strategy's 847,363 and even Twenty One's 43,514, so NAKA can't win the public-company BTC race on balance sheet size alone. The clinic wind-down cleans up the investor story, but the harder test is whether Bitcoin Magazine, conferences, UTXO and advisory can produce enough fee revenue to avoid selling coins or issuing into a stock already down over 99% from the post-merger peak.

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