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Apart from the fact that a 6-month lock up (which I'm assuming exists because of your post) is a bridge too far and is probably enough to justify the 30% premium on its own in this case, it seems there is only a single Authorized Participant: This is a snippet from the private placement memorandum for XLM (so the BTC memo may be different): An Authorized ...


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For the sake of putting in an answer: Assuming this is a pure BTC-universe action. So this only applies to someone who has a pile of BTC and is keeping it long-term. So, you are considering BTC "a currency" - you have no concern with, care about, or involvement with, the ever-changing exchange rates between BTC and AUD, EUR, JPY, USD or whatever....


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