1. Borrow $100 to buy $100 worth of crypto, put it in a pot, and sell shares of the pot for $200.
2. Use $100 of the money you raised to pay back your borrowing, and the other $100 to buy $100 more of crypto.
3. Now the pot has $200 of crypto in it and trades at a valuation of $400.
4. Wait.
5. Eventually people will realize this is dumb and the shares of the pot trade down to, say, $150.
6. Sell $150 worth of crypto to buy back the stock.
7. Now you have $50 worth of crypto for free.

If this is a one-off thing — if the vogue for crypto treasury companies has come and gone — then, hey, free $50. If this is cyclical — if crypto treasury companies come back next year — then you can keep doing it over and over again. A crypto volatility perpetual motion machine.