A group of Bitcoin VC veterans just launched a $40 million holding company to acquire small businesses. The read is Capitalist by structure and by strategy. The traditional PE-holdco model — roll-ups of small operating businesses, cash-flow accretion, disciplined leverage — is now being run by operators who denominate the balance sheet in Bitcoin. The math they are running is the same math Saylor ran with the treasury wrapper, at a smaller scale and in a different asset class. Buy operating businesses. Compound the operating cash flow. Convert excess reserves to the hardest money. Watch the twin engines — operating growth plus BTC-denomination appreciation — compound against fiat. This is what the next generation of BTC-native private equity looks like. Not tech-adjacent. Not crypto-adjacent. Actual operating-cash-flow businesses acquired by BTC-standard holdcos. The category is emerging. The category is the story.