Why do all the new shell LBEs like NAKA, CEP, EMPD, and Pomp’s SPAC claim they are going to become operating businesses? IT’S BECAUSE YOU NEED AN OPERATING BUSINESS FOR INDEX INCLUSION!! Calling for @sequans to shut down their operating biz is insane, completely missing the forest for the trees. Major equity indices (e.g., S&P, Russell, MSCI) typically require inclusion candidates to be operating companies, not just investment vehicles. For example, S&P 500 excludes “closed-end funds, ETFs, royalty trusts, tracking stocks, limited partnerships, and other non-operating entities.” Russell indices require companies to be “operating” and exclude passive investment companies. MicroStrategy qualifies because it has a real operating software business (albeit smaller than its BTC balance sheet). That operating activity makes it an “eligible issuer” for indices, which keeps MSTR stock inside broad equity benchmarks and ETFs that track them. Without that business, it might be treated like a Bitcoin trust instead of a tech stock. If a new public company is only a Bitcoin holding vehicle (no revenue, employees, or operations beyond treasury), it risks exclusion from key indices. Exclusion limits demand from index-tracking ETFs and passive investors, which are a huge source of liquidity and valuation support.