Forcing cash-flow multiples onto BTC, ETH, or SOL is how equity tools fail crypto. Settlement, usage, and policy are the file.
QQQ, sector funds, and thematic wrappers need holdings, cycle, and inversion — not five stars. A committee can write. It will not rate the wrapper.
Private boards have fewer filings and more narrative. Isolated seats should stay inconclusive when facts are missing. Not a 13F. Not a allocation ticket.
BTC, ETH, SOL, and the rest of the board need issuance, usage, and policy — not equity ratios. How to run the crypto committee without a coin rating.
