They include mention of the (Plan B's) stock-to-flow model there. They tweeted about that, here: https://twitter.com/Grayscale/status/1301204000625356800
This is the pdf, Valuing Bitcoin (August-Sept 2020): https://grayscale.co/wp-content/uploads/2020/09/Grayscale-Valuing-Bitcoin-Sept-2020.pdf
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