If you bought SOL in April 2024, you'd have about 4% more SOL today from staking. If you bought a well-run treasury company instead, you'd have 35% more SOL. That 31-point gap is the entire reason treasury companies exist. Three mechanisms most individual investors can't access: accretive equity issuance, staking, and purchasing locked SOL at a 15% discount. The compounding from all three is what separates the model from just holding.