Загрузка видео...

Не удалось загрузить видео

Возникла проблема при загрузке этого видео. Это может быть связано с временными проблемами сети или видео может быть недоступно.

На главную

PROFESSOR EXPLAINS…. MNAV,ATM & Bitcoin Torque A simple video explaining a few basic concept to look at Bitcoin treasury companies. Share this with anyone who’s just starting out and it’s confused what an mNAV is ? 🤭

Professor₿ 🟧

10,569 subscribers

28,487 просмотров • 1 год назад •via X (Twitter)

Anya Rossi• Live Now

Private livecam show

Комментарии: 10

Фото профиля Michael 🪽

Michael 🪽1 год назад

Not gonna lie, I’m having trouble staying focused on this one lol. I blame biology.

Фото профиля Professor₿ 🟧

Professor₿ 🟧1 год назад

😂😂😂

Фото профиля UnderstandBTC

UnderstandBTC1 год назад

Why is everyone talking about Bitcoin? Governments, Companies, your neighbors, your kids. What is it? We can help you Understand Bitcoin in a easy, convenient, thorough 1-on-1 overview.

Фото профиля Reed Allot ₿

Reed Allot ₿1 год назад

Professor can you do a video on how to get through a bear market.

Фото профиля Professor₿ 🟧

Professor₿ 🟧1 год назад

Don’t look at the charts! Invest with conviction! There’s nothing else out there to buy anyway 🤷‍♀️

Фото профиля Ben Hurr

Ben Hurr1 год назад

@ProfessorB21 Breaking down MNAV and Torque like this shows why Bitcoin treasuries are a chess game—most CFOs are still playing checkers.

Фото профиля kraqck

kraqck1 год назад

Beautiful -- all I hear is greek.

Фото профиля Crash22r

Crash22r1 год назад

👏🏽

Фото профиля ₿ariksis

₿ariksis1 год назад

nice explanation! 😃

Фото профиля SRS

SRS1 год назад

Great explainer, thank you

Похожие видео

THE BITCOIN STOPWATCH: Metaplanet’s 5-Month mNAV Cover vs. MSTR - Unlock 8× Upside! Adam Back had an amazing post tonight on the MmC, or “Months-to-mNAV Cover,”... the pay-back clock for a Bitcoin-treasury stock. I talk about Metaplanet vs MSTR's MmC and what that means. Check out Adam's post here:

THE BITCOIN STOPWATCH: Metaplanet’s 5-Month mNAV Cover vs. MSTR - Unlock 8× Upside! Adam Back had an amazing post tonight on the MmC, or “Months-to-mNAV Cover,”... the pay-back clock for a Bitcoin-treasury stock. I talk about Metaplanet vs MSTR's MmC and what that means. Check out Adam's post here:

Adam Livingston

50,670 просмотров • 1 год назад

It was time for a True North-Coin Stories hangout! Thanks for taking the time to share more about the powerful movement you've created Jeff Walton Ben Werkman Tim Kotzman We talk about the origin story of True North, corporate Bitcoin treasuries, the revolution in credit markets, the "digital transformation of investor relations," which companies make them most bullish and much more. Let us know what you think! Timecodes: 00:00 What is True North? 3:49 Creating a New Media Platform in the Bitcoin Space 7:46 What Makes a Great Bitcoin Treasury Company? 10:16 What Is mNAV? How to Evaluate Bitcoin Companies Using mNAV 19:33 How Bitcoin Treasury Companies Differentiate Themselves 21:14 How Companies Gain Liquidity to Buy More Bitcoin 24:55 What Are $STRF, $STRK & $STRD? New Bitcoin-Backed Instrument from Strategy 34:03 Are Bitcoin Treasuries a Bubble? 38:20 Bullish on These Corporate Bitcoin Treasuries 43:27 Top Companies Leading the Bitcoin Treasury Movement 47:17 Semler Scientific: Healthcare Innovation Meets Bitcoin 52:17 True North’s Vision for the Future of Bitcoin & Finance

It was time for a True North-Coin Stories hangout! Thanks for taking the time to share more about the powerful movement you've created Jeff Walton Ben Werkman Tim Kotzman We talk about the origin story of True North, corporate Bitcoin treasuries, the revolution in credit markets, the "digital transformation of investor relations," which companies make them most bullish and much more. Let us know what you think! Timecodes: 00:00 What is True North? 3:49 Creating a New Media Platform in the Bitcoin Space 7:46 What Makes a Great Bitcoin Treasury Company? 10:16 What Is mNAV? How to Evaluate Bitcoin Companies Using mNAV 19:33 How Bitcoin Treasury Companies Differentiate Themselves 21:14 How Companies Gain Liquidity to Buy More Bitcoin 24:55 What Are $STRF, $STRK & $STRD? New Bitcoin-Backed Instrument from Strategy 34:03 Are Bitcoin Treasuries a Bubble? 38:20 Bullish on These Corporate Bitcoin Treasuries 43:27 Top Companies Leading the Bitcoin Treasury Movement 47:17 Semler Scientific: Healthcare Innovation Meets Bitcoin 52:17 True North’s Vision for the Future of Bitcoin & Finance

Natalie Brunell ⚡️

116,819 просмотров • 11 месяцев назад

My panel discussion at the Bitcoin Treasuries Unconference in NYC last week on mNAV, BTC KPIs, and $MSTR ATM guidance. Grateful to share the stage with Ben Werkman and Adrian Morris. Thanks Tim Kotzman Bitcoin Treasuries 21 Million Stories for a fantastic event!

My panel discussion at the Bitcoin Treasuries Unconference in NYC last week on mNAV, BTC KPIs, and $MSTR ATM guidance. Grateful to share the stage with Ben Werkman and Adrian Morris. Thanks Tim Kotzman Bitcoin Treasuries 21 Million Stories for a fantastic event!

Chaitanya Jain

28,462 просмотров • 8 месяцев назад

What if everyone is measuring $MSTR wrong? In this conversation with Adrian Morris, founding member of True North (True North), we challenge some of the biggest assumptions in the Bitcoin Treasury space: • Why mNAV is really a sentiment metric • Why Bitcoin per share isn't a valuation metric • Why Strategy shouldn't defend its mNAV • The real story behind Strategy selling 32 $BTC • Why $STRC and $SATA may evolve very differently than investors expect • Why AI is attracting some of Bitcoin's capital One of the most thought-provoking $MSTR conversations we've had. If Adrian is right, investors may be looking at $MSTR completely wrong. $MSTR $ASST $MPJPY 00:00 Adrian Morris' Bitcoin Journey & Why He Bought MSTR 05:02 The Real Meaning of mNAV (Market Sentiment) 10:10 Why Bitcoin Treasury mNAVs Eventually Collapse 11:22 Should Bitcoin Treasury Companies Defend Their mNAV? 15:56 The Fatal Flaw in mNAV Buybacks 17:57 Why Strategy Should NOT Sell Bitcoin to Buy Back Shares 20:15 Why Did Strategy Sell 32 Bitcoin? 23:55 MSTR Myths, Margin Calls & X Misinformation 25:38 Why Bitcoin Per Share May Be Misleading Investors 31:09 The Endgame for Bitcoin Treasury Companies 34:42 The Future: REITs, Options & Bitcoin Financial Products 36:46 STRC, SATA & Bitcoin Preferred Shares Explained 41:22 Does STRC Guidance Even Matter? 43:12 Why SATA Outperformed STRC 45:42 Daily Dividends: Innovation or Hype? 48:30 Will STRC & SATA Eventually Cut Dividends? 54:54 Is AI Stealing Capital From Bitcoin? 01:00:51 Can Bitcoin Become AI's Security Layer? 01:03:56 Adrian's Message to Bitcoin Investors Watch the full episode 👇

What if everyone is measuring $MSTR wrong? In this conversation with Adrian Morris, founding member of True North (True North), we challenge some of the biggest assumptions in the Bitcoin Treasury space: • Why mNAV is really a sentiment metric • Why Bitcoin per share isn't a valuation metric • Why Strategy shouldn't defend its mNAV • The real story behind Strategy selling 32 $BTC • Why $STRC and $SATA may evolve very differently than investors expect • Why AI is attracting some of Bitcoin's capital One of the most thought-provoking $MSTR conversations we've had. If Adrian is right, investors may be looking at $MSTR completely wrong. $MSTR $ASST $MPJPY 00:00 Adrian Morris' Bitcoin Journey & Why He Bought MSTR 05:02 The Real Meaning of mNAV (Market Sentiment) 10:10 Why Bitcoin Treasury mNAVs Eventually Collapse 11:22 Should Bitcoin Treasury Companies Defend Their mNAV? 15:56 The Fatal Flaw in mNAV Buybacks 17:57 Why Strategy Should NOT Sell Bitcoin to Buy Back Shares 20:15 Why Did Strategy Sell 32 Bitcoin? 23:55 MSTR Myths, Margin Calls & X Misinformation 25:38 Why Bitcoin Per Share May Be Misleading Investors 31:09 The Endgame for Bitcoin Treasury Companies 34:42 The Future: REITs, Options & Bitcoin Financial Products 36:46 STRC, SATA & Bitcoin Preferred Shares Explained 41:22 Does STRC Guidance Even Matter? 43:12 Why SATA Outperformed STRC 45:42 Daily Dividends: Innovation or Hype? 48:30 Will STRC & SATA Eventually Cut Dividends? 54:54 Is AI Stealing Capital From Bitcoin? 01:00:51 Can Bitcoin Become AI's Security Layer? 01:03:56 Adrian's Message to Bitcoin Investors Watch the full episode 👇

One Chair

43,786 просмотров • 10 дней назад

David Bailey says @Nakamoto will dump their bitcoin if the stock trades at a discount to their mNAV

David Bailey says @Nakamoto will dump their bitcoin if the stock trades at a discount to their mNAV

Pledditor

250,726 просмотров • 1 год назад

BITCOIN RAILS #55: WHAT HAPPENED TO BITCOIN TREASURY COMPANIES? | with David Bailey🇵🇷 $2.0mm/btc is the floor & Brandon 🔗 YOUTUBE: 🌿 SPOTIFY: This most recent bull market was inarguably defined by one dominant narrative: the rise of Bitcoin treasury companies and their dramatic retracement as crypto "DATs" flooded markets. David Bailey🇵🇷 $2.0mm/btc is the floor — former CEO of Bitcoin Inc. (Bitcoin Magazine bitcoin conference) — raised $760M for treasury company Nakamoto, which catapulted to a peak valuation of 33X MNAV before sliding down below MNAV after a seeming burst in treasury mania last year. David joins me and the newly appointed CEO of Bitcoin Inc. Brandon, to share the history of one of the most influential companies in Bitcoin history (Bitcoin Inc.), how their treasury play changed everything, and what we can expect from Bitcoin treasury companies moving through 2026 and beyond. In this episode, the three of us discuss: - The history of Bitcoin Inc., and the rise of Bitcoin Magazine and Bitcoin Conference empire. - The role of UTXO Management (VC and trading fund) in the team's strategy over time - How the fund’s entry into Metaplanet Inc. and their subsequent seeding of nearly a dozen Bitcoin Treasury companies since - The rise of Nakamoto and its subsequent 99% slide in price from ATHs - How David sees the Treasury thesis playing out from here… and projected winners and losers when/if these companies rebound. This episode of Bitcoin Rails is powered by: - Best In Slot (Best in Slot | BRC2.0 🧑‍🍳) — the leading API for Ordinals and BRC20 data aggregation and indexing. - Spark (Lightspark) — a statechains implementation advancing Bitcoin-powered payments. - Citrea (Citrea | Mainnet Live 🍊🍋) — a leading Bitcoin rollup technology and BitVM alliance contributor. TIMESTAMPS 00:00 Intro 01:45 Hit Pieces and Psyop Jokes 05:53 David Bailey Origin Story 12:24 Buying Bitcoin Magazine 15:18 Early Spam “Wars” 19:55 BM Experimentation Phase 26:33 Defining What “Bitcoin Only” Means 32:39 What Being a Bitcoin Maxi Means 34:47 Bitcoin L2 Over Altchains 37:00 Why Securities Matter 41:23 Going Bitcoin Only 46:47 Bitcoin Conference Explosion 54:10 UTXO Bets And Treasury Wave 01:12:10 Seeding Treasury Startups 01:15:44 Taking Nakamoto Public 01:32:51 Treasury Thesis Future Products

BITCOIN RAILS #55: WHAT HAPPENED TO BITCOIN TREASURY COMPANIES? | with David Bailey🇵🇷 $2.0mm/btc is the floor & Brandon 🔗 YOUTUBE: 🌿 SPOTIFY: This most recent bull market was inarguably defined by one dominant narrative: the rise of Bitcoin treasury companies and their dramatic retracement as crypto "DATs" flooded markets. David Bailey🇵🇷 $2.0mm/btc is the floor — former CEO of Bitcoin Inc. (Bitcoin Magazine bitcoin conference) — raised $760M for treasury company Nakamoto, which catapulted to a peak valuation of 33X MNAV before sliding down below MNAV after a seeming burst in treasury mania last year. David joins me and the newly appointed CEO of Bitcoin Inc. Brandon, to share the history of one of the most influential companies in Bitcoin history (Bitcoin Inc.), how their treasury play changed everything, and what we can expect from Bitcoin treasury companies moving through 2026 and beyond. In this episode, the three of us discuss: - The history of Bitcoin Inc., and the rise of Bitcoin Magazine and Bitcoin Conference empire. - The role of UTXO Management (VC and trading fund) in the team's strategy over time - How the fund’s entry into Metaplanet Inc. and their subsequent seeding of nearly a dozen Bitcoin Treasury companies since - The rise of Nakamoto and its subsequent 99% slide in price from ATHs - How David sees the Treasury thesis playing out from here… and projected winners and losers when/if these companies rebound. This episode of Bitcoin Rails is powered by: - Best In Slot (Best in Slot | BRC2.0 🧑‍🍳) — the leading API for Ordinals and BRC20 data aggregation and indexing. - Spark (Lightspark) — a statechains implementation advancing Bitcoin-powered payments. - Citrea (Citrea | Mainnet Live 🍊🍋) — a leading Bitcoin rollup technology and BitVM alliance contributor. TIMESTAMPS 00:00 Intro 01:45 Hit Pieces and Psyop Jokes 05:53 David Bailey Origin Story 12:24 Buying Bitcoin Magazine 15:18 Early Spam “Wars” 19:55 BM Experimentation Phase 26:33 Defining What “Bitcoin Only” Means 32:39 What Being a Bitcoin Maxi Means 34:47 Bitcoin L2 Over Altchains 37:00 Why Securities Matter 41:23 Going Bitcoin Only 46:47 Bitcoin Conference Explosion 54:10 UTXO Bets And Treasury Wave 01:12:10 Seeding Treasury Startups 01:15:44 Taking Nakamoto Public 01:32:51 Treasury Thesis Future Products

Isabel Foxen Duke⚡️

35,495 просмотров • 2 месяцев назад

“The emergence of Bitcoin treasury companies changes everything.” — Ben Werkman on CNBC French semiconductor firm Sequans ($SQNS) just raised $384M to establish a Bitcoin treasury. Werkman explains how moves like this are redefining institutional risk and integrating Bitcoin into the corporate capital stack.

“The emergence of Bitcoin treasury companies changes everything.” — Ben Werkman on CNBC French semiconductor firm Sequans ($SQNS) just raised $384M to establish a Bitcoin treasury. Werkman explains how moves like this are redefining institutional risk and integrating Bitcoin into the corporate capital stack.

Swan

363,739 просмотров • 11 месяцев назад

What Is Bitcoin? Educational video explaining Bitcoin. Also available on my YouTube channel. Give it a watch and share it with somebody who doesn’t yet understand the importance of Bitcoin.

What Is Bitcoin? Educational video explaining Bitcoin. Also available on my YouTube channel. Give it a watch and share it with somebody who doesn’t yet understand the importance of Bitcoin.

Bitcoin Cousin

13,758 просмотров • 8 месяцев назад

Making Sense Of Bitcoin Treasury Companies If you've been following me on X you’ll know that I have recently been floating a lot of my updated thoughts on the Bitcoin Treasury space. Here I have synthesised all of my ideas and distilled them into a single video. If you prefer YouTube, you can find the link in the comments. If you prefer written format, continue reading. The first thing we need to do is acknowledge an important fact which is that Strategy, as a Bitcoin Treasury Company, is an anomaly. What do I mean by that? Strategy’s success has been defined by a number of unique factors and circumstances, most of which cannot be replicated again by other Bitcoin Treasury Companies. Specifically, there are 6 things that stand out to me. 1. Before adopting Bitcoin, Strategy was a billion dollar company with an operating business that was generating roughly $50M in cash a year. 2. Until the introduction of the ETF's in January 2024, Strategy was the only way for the average investor to gain passive exposure to Bitcoin. 3. Until this year, Strategy was the only way for the average investor to gain leveraged exposure to Bitcoin. 4. Strategy was issuing multiple, billion dollar, zero coupon, unsecured convertible notes at +50% conversion premiums. 5. Strategy has Michael Saylor, who, you don’t need me to tell you, is in a league of his own. 6. For many reasons, including those I’ve just mentioned, Strategy has benefitted disproportionately from the broader sentiment around Bitcoin. In other words, for the best part of 4 years, Strategy had zero competition for either capital or attention. As a result, it became a magnet for capital from anyone who wanted exposure to Bitcoin and it attracted inflows that were beyond what fundamentals alone would maybe justify. Therefore, using Strategy as a blueprint for the performance that you can expect from other Bitcoin Treasury Companies is a bad idea. Using Strategy as a blueprint for how to operate a Bitcoin Treasury Company is a good idea. Now let’s break down what’s unfolded over the last 6 months or so. Between May and June of this year, when we witnessed a flood of new Bitcoin Treasury Companies, we entered what I refer to as the frenzy phase. The frenzy phase was driven almost entirely by sentiment. By sentiment I simply mean emotion. Since then, as sentiment has slowly faded, the market has increasingly priced Bitcoin Treasury Companies based more on fundamentals. By fundamentals I simply mean facts. So where as sentiment is driven by emotion and hype, fundamentals are driven by facts and reason. The problem is that when you price Bitcoin Treasury Companies on fundamentals, you realise that many of them are almost entirely dependent on sentiment in order to expand mNAV so they can raise capital via the common stock ATM to buy Bitcoin and generate Bitcoin Yield. However, for me, raising capital via the common stock ATM and recycling it into Bitcoin is not genuine value creation — it’s value transfer. That’s not to say you shouldn’t leverage the ATM as and when necessary — you should. However, if your business model as a Bitcoin Treasury Company no longer works when “sentiment is low” then you have neither a business model nor a business. You’re the equivalent of a meme stock except with Bitcoin on your balance sheet. On that basis, companies shouldn’t expect to trade at a premium if the common stock ATM is the only way they raise capital. I’m not saying they won’t trade at a premium — I’m saying that companies shouldn’t expect to. Now, between July and now, we’ve obviously seen mNAVs compress substantially and so the frenzy phase is over which means that the days of automatically being granted generous mNAV multiples is also over. So now we are in the maturity phase. The maturity phase is going to be defined by being able to offer a differentiated value proposition and having a sustainable business model that can generate Bitcoin Yield in any environment independent of sentiment. In other words, they can generate Bitcoin Yield when trading at or below 1 mNAV. So essentially now, Bitcoin Treasury Companies have to work for their mNAV multiples — as it should be. Following the maturity phase will be the consolidation phase where capital, Bitcoin and ultimately market share will converge towards a small number of Bitcoin Treasury Companies that will dominate the entire industry. I should clarify that I am referring predominantly to pure-play Bitcoin Treasury Companies — companies who are valued based solely on their Bitcoin strategy. Now, with everything that I’ve said, how should you evaluate Bitcoin Treasury Companies? Hopefully over the next few weeks I’m going to string together a video with my valuation framework. In the meantime, a basic test is that I use is this: How much Bitcoin Yield can the company generate over X period of time — you decide what that period of time is — if it traded at 1x mNAV over that entire period? If the answer is 0, then they are probably entirely dependent on raising capital via the common stock ATM which means they likely don’t deserve a premium. If the answer is >0, then they are probably innovating through the use of other instruments — like converts and preferred products — which means they likely do deserve a premium and so whatever number you come up with should be used as the base for your valuation. Now, don’t be fooled. The Bitcoin Treasury Company space is, not entirely, but to a large degree, a zero-sum game. Every Dollar raised by one Bitcoin Treasury Company is at the expense of every other Bitcoin Treasury Company. Every Bitcoin purchased by one Bitcoin Treasury Company is at the expense of every other Bitcoin Treasury Company. It’s only because we are early that everyone is incentivised to essentially hold hands and cheer each other on. However, make no mistake, everyone involved is tacitly well aware that they are all competing for the same finite amount of capital and the same fixed amount of Bitcoin. Thus, the reality is that, by definition, not every Bitcoin Treasury Company is going to succeed. So choose your horses and jockeys wisely. As a side note, with the amount of Bitcoin Treasury Companies now desperately chasing and competing for the same capital from institutions, who do you think has the leverage; the Bitcoin Treasury Companies or the institutions? I’ll let you decide. Before I close, I want to leave you guys with this. There is a small subset of people invested in Bitcoin Treasury Companies who are desperately clinging on to their bags because they believe “sentiment will return.” These people are completely missing the point. My friends, if your investing philosophy is based on sentiment, you are simply not going to last. You want to base your decisions, as far as possible, on fundamentals. As investors, you either adapt and update your mental models based on how things are and not how you want them to be — or you get left behind. With that in mind: Never get caught up in tribalism. Never get attached to your beliefs. Always think critically. Always think independently. Always seek Truth.

Making Sense Of Bitcoin Treasury Companies If you've been following me on X you’ll know that I have recently been floating a lot of my updated thoughts on the Bitcoin Treasury space. Here I have synthesised all of my ideas and distilled them into a single video. If you prefer YouTube, you can find the link in the comments. If you prefer written format, continue reading. The first thing we need to do is acknowledge an important fact which is that Strategy, as a Bitcoin Treasury Company, is an anomaly. What do I mean by that? Strategy’s success has been defined by a number of unique factors and circumstances, most of which cannot be replicated again by other Bitcoin Treasury Companies. Specifically, there are 6 things that stand out to me. 1. Before adopting Bitcoin, Strategy was a billion dollar company with an operating business that was generating roughly $50M in cash a year. 2. Until the introduction of the ETF's in January 2024, Strategy was the only way for the average investor to gain passive exposure to Bitcoin. 3. Until this year, Strategy was the only way for the average investor to gain leveraged exposure to Bitcoin. 4. Strategy was issuing multiple, billion dollar, zero coupon, unsecured convertible notes at +50% conversion premiums. 5. Strategy has Michael Saylor, who, you don’t need me to tell you, is in a league of his own. 6. For many reasons, including those I’ve just mentioned, Strategy has benefitted disproportionately from the broader sentiment around Bitcoin. In other words, for the best part of 4 years, Strategy had zero competition for either capital or attention. As a result, it became a magnet for capital from anyone who wanted exposure to Bitcoin and it attracted inflows that were beyond what fundamentals alone would maybe justify. Therefore, using Strategy as a blueprint for the performance that you can expect from other Bitcoin Treasury Companies is a bad idea. Using Strategy as a blueprint for how to operate a Bitcoin Treasury Company is a good idea. Now let’s break down what’s unfolded over the last 6 months or so. Between May and June of this year, when we witnessed a flood of new Bitcoin Treasury Companies, we entered what I refer to as the frenzy phase. The frenzy phase was driven almost entirely by sentiment. By sentiment I simply mean emotion. Since then, as sentiment has slowly faded, the market has increasingly priced Bitcoin Treasury Companies based more on fundamentals. By fundamentals I simply mean facts. So where as sentiment is driven by emotion and hype, fundamentals are driven by facts and reason. The problem is that when you price Bitcoin Treasury Companies on fundamentals, you realise that many of them are almost entirely dependent on sentiment in order to expand mNAV so they can raise capital via the common stock ATM to buy Bitcoin and generate Bitcoin Yield. However, for me, raising capital via the common stock ATM and recycling it into Bitcoin is not genuine value creation — it’s value transfer. That’s not to say you shouldn’t leverage the ATM as and when necessary — you should. However, if your business model as a Bitcoin Treasury Company no longer works when “sentiment is low” then you have neither a business model nor a business. You’re the equivalent of a meme stock except with Bitcoin on your balance sheet. On that basis, companies shouldn’t expect to trade at a premium if the common stock ATM is the only way they raise capital. I’m not saying they won’t trade at a premium — I’m saying that companies shouldn’t expect to. Now, between July and now, we’ve obviously seen mNAVs compress substantially and so the frenzy phase is over which means that the days of automatically being granted generous mNAV multiples is also over. So now we are in the maturity phase. The maturity phase is going to be defined by being able to offer a differentiated value proposition and having a sustainable business model that can generate Bitcoin Yield in any environment independent of sentiment. In other words, they can generate Bitcoin Yield when trading at or below 1 mNAV. So essentially now, Bitcoin Treasury Companies have to work for their mNAV multiples — as it should be. Following the maturity phase will be the consolidation phase where capital, Bitcoin and ultimately market share will converge towards a small number of Bitcoin Treasury Companies that will dominate the entire industry. I should clarify that I am referring predominantly to pure-play Bitcoin Treasury Companies — companies who are valued based solely on their Bitcoin strategy. Now, with everything that I’ve said, how should you evaluate Bitcoin Treasury Companies? Hopefully over the next few weeks I’m going to string together a video with my valuation framework. In the meantime, a basic test is that I use is this: How much Bitcoin Yield can the company generate over X period of time — you decide what that period of time is — if it traded at 1x mNAV over that entire period? If the answer is 0, then they are probably entirely dependent on raising capital via the common stock ATM which means they likely don’t deserve a premium. If the answer is >0, then they are probably innovating through the use of other instruments — like converts and preferred products — which means they likely do deserve a premium and so whatever number you come up with should be used as the base for your valuation. Now, don’t be fooled. The Bitcoin Treasury Company space is, not entirely, but to a large degree, a zero-sum game. Every Dollar raised by one Bitcoin Treasury Company is at the expense of every other Bitcoin Treasury Company. Every Bitcoin purchased by one Bitcoin Treasury Company is at the expense of every other Bitcoin Treasury Company. It’s only because we are early that everyone is incentivised to essentially hold hands and cheer each other on. However, make no mistake, everyone involved is tacitly well aware that they are all competing for the same finite amount of capital and the same fixed amount of Bitcoin. Thus, the reality is that, by definition, not every Bitcoin Treasury Company is going to succeed. So choose your horses and jockeys wisely. As a side note, with the amount of Bitcoin Treasury Companies now desperately chasing and competing for the same capital from institutions, who do you think has the leverage; the Bitcoin Treasury Companies or the institutions? I’ll let you decide. Before I close, I want to leave you guys with this. There is a small subset of people invested in Bitcoin Treasury Companies who are desperately clinging on to their bags because they believe “sentiment will return.” These people are completely missing the point. My friends, if your investing philosophy is based on sentiment, you are simply not going to last. You want to base your decisions, as far as possible, on fundamentals. As investors, you either adapt and update your mental models based on how things are and not how you want them to be — or you get left behind. With that in mind: Never get caught up in tribalism. Never get attached to your beliefs. Always think critically. Always think independently. Always seek Truth.

Chris Millas

34,483 просмотров • 7 месяцев назад

WHY I AM MORE BULLISH THAN EVER ON BITCOIN TREASURY COMPANIES 36 MINUTE DEEP DIVE. I’m going to explain why Bitcoin Treasury Companies are monetary war machines wrapped in ticker symbols. Why leverage isn’t risk... it’s the holy spirit of capital. And why mNAV compression isn’t bearish, it’s the market holding its breath before it screams. You’ll learn why Metaplanet, Strategy, and the rest of the Bitcoin Treasury cohort are quietly rewiring global finance, turning fiat liquidity into sound money like financial monks. By the end, you’ll understand that we’re not investing anymore, we’re watching civilization reprice truth itself. Sit back. Light a candle. Mute CNBC. This is the gospel according to Bitcoin.

WHY I AM MORE BULLISH THAN EVER ON BITCOIN TREASURY COMPANIES 36 MINUTE DEEP DIVE. I’m going to explain why Bitcoin Treasury Companies are monetary war machines wrapped in ticker symbols. Why leverage isn’t risk... it’s the holy spirit of capital. And why mNAV compression isn’t bearish, it’s the market holding its breath before it screams. You’ll learn why Metaplanet, Strategy, and the rest of the Bitcoin Treasury cohort are quietly rewiring global finance, turning fiat liquidity into sound money like financial monks. By the end, you’ll understand that we’re not investing anymore, we’re watching civilization reprice truth itself. Sit back. Light a candle. Mute CNBC. This is the gospel according to Bitcoin.

Adam Livingston

26,342 просмотров • 7 месяцев назад

BITCOIN TORQUE EXPLAINED: THE METRIC THAT DECIDES WHO GETS RICH Torque is now officially the Word of the Year 2025. Investing in Bitcoin Treasury Companies? You gotta understand it.

BITCOIN TORQUE EXPLAINED: THE METRIC THAT DECIDES WHO GETS RICH Torque is now officially the Word of the Year 2025. Investing in Bitcoin Treasury Companies? You gotta understand it.

Adam Livingston

71,292 просмотров • 1 год назад

Why would anyone buy shares in a Bitcoin treasury company instead of just owning Bitcoin directly? Sean Bill, CIO of BSTR, explains the rationale at 6:26.

Why would anyone buy shares in a Bitcoin treasury company instead of just owning Bitcoin directly? Sean Bill, CIO of BSTR, explains the rationale at 6:26.

Cointelegraph

23,331 просмотров • 22 дней назад

I sat down with Will and Ben Harvey to discuss bitcoin treasury companies, including premiums, capital sources, debt levels, and bitcoin-per-share growth. Enjoy! TIMESTAMPS: 0:00 - Intro 1:12 - ‘Bitcoin treasuries uncovered’ takeaways 8:06 - Strategy’s bitcoin per share has grown 11x 11:27 - Altcoin vs bitcoin treasure companies 18:38 - Capital that is flowing into bitcoin treasure companies 20:49 - How to evaluate the performance of bitcoin treasure companies 24:04 - Current macro backdrop and market outlook 34:34 - Bitcoin dominance expectations 35:31 - Interest rate expectations 37:59 - Where to find the new bitcoin treasury report

I sat down with Will and Ben Harvey to discuss bitcoin treasury companies, including premiums, capital sources, debt levels, and bitcoin-per-share growth. Enjoy! TIMESTAMPS: 0:00 - Intro 1:12 - ‘Bitcoin treasuries uncovered’ takeaways 8:06 - Strategy’s bitcoin per share has grown 11x 11:27 - Altcoin vs bitcoin treasure companies 18:38 - Capital that is flowing into bitcoin treasure companies 20:49 - How to evaluate the performance of bitcoin treasure companies 24:04 - Current macro backdrop and market outlook 34:34 - Bitcoin dominance expectations 35:31 - Interest rate expectations 37:59 - Where to find the new bitcoin treasury report

Anthony Pompliano 🌪

53,492 просмотров • 11 месяцев назад

🚨 $MSTR's Saylor just said Strategy may sell its Bitcoin or $BTC derivatives while trading below 1x mNAV in the 'best interest of the shareholders and Bitcoin community.'

🚨 $MSTR's Saylor just said Strategy may sell its Bitcoin or $BTC derivatives while trading below 1x mNAV in the 'best interest of the shareholders and Bitcoin community.'

LuxAlgo

135,759 просмотров • 6 месяцев назад

"Bitcoin doesn't need you. You need Bitcoin" - Jack Mallers 🧡 Here's the full version of my conversation with Jack at Bitcoin 2025. We spoke about his new role at 21 - the Bitcoin treasury company backed by Paolo Ardoino 🤖 and Tether. I also asked for his honest take on holding Bitcoin vs investing in Bitcoin ETFs and companies like Strategy. Time stamps below ⏲️👇 01:01 Why Bitcoin Treasury Companies exist 03:28 Is There Enough Bitcoin for Everyone? 05:30: The Endgame for Bitcoin Treasury Companies 08:23: Holding BTC vs. ETF/share exposure to Bitcoin 10:53 Bitcoin Is Getting Political - Is That Good or Bad? 13:02: Is Bitcoin Lending Too Risky? 15:28 Finding the Right Partners for Bitcoin Loans If you enjoyed this content - please like, share and follow!

"Bitcoin doesn't need you. You need Bitcoin" - Jack Mallers 🧡 Here's the full version of my conversation with Jack at Bitcoin 2025. We spoke about his new role at 21 - the Bitcoin treasury company backed by Paolo Ardoino 🤖 and Tether. I also asked for his honest take on holding Bitcoin vs investing in Bitcoin ETFs and companies like Strategy. Time stamps below ⏲️👇 01:01 Why Bitcoin Treasury Companies exist 03:28 Is There Enough Bitcoin for Everyone? 05:30: The Endgame for Bitcoin Treasury Companies 08:23: Holding BTC vs. ETF/share exposure to Bitcoin 10:53 Bitcoin Is Getting Political - Is That Good or Bad? 13:02: Is Bitcoin Lending Too Risky? 15:28 Finding the Right Partners for Bitcoin Loans If you enjoyed this content - please like, share and follow!

Gareth Jenkinson

26,560 просмотров • 1 год назад

NEW: Founder who called Bitcoin early says this is NOT a bear market. Yves Choueifaty & Alexandre Laizet ⚡️ explain what Saylor is really doing: 📌 1694 Bank of England model 📌 Why owning MSTR makes YOU the STRC issuer 📌 100M millionaires. 21M Bitcoin. Do the math. Watch ⚡️ TIMESTAMPS: 00:00 Cold Open 01:49 Bitcoin ISN'T In A Bear Market? (Volatility Discussion) 07:13 Bitcoin's Value During Geopolitical Tensions 12:46 Bitcoin, Treasuries & Historical Context of Private Banking 23:41 Digital Capital & Credit vs Digital Money Framing 30:09 mNAV & Speculation: MSTR vs. Traditional Companies 35:48 The Power of STRC: Saylor Is Issuing Perpetual Credit 40:05 The Opportunity of Buying At mNAV Less Than One 43:45 Alexandre On Strategic Growth For Bitcoin Treasury Companies 51:54 Stretch Is The Future Of Money

NEW: Founder who called Bitcoin early says this is NOT a bear market. Yves Choueifaty & Alexandre Laizet ⚡️ explain what Saylor is really doing: 📌 1694 Bank of England model 📌 Why owning MSTR makes YOU the STRC issuer 📌 100M millionaires. 21M Bitcoin. Do the math. Watch ⚡️ TIMESTAMPS: 00:00 Cold Open 01:49 Bitcoin ISN'T In A Bear Market? (Volatility Discussion) 07:13 Bitcoin's Value During Geopolitical Tensions 12:46 Bitcoin, Treasuries & Historical Context of Private Banking 23:41 Digital Capital & Credit vs Digital Money Framing 30:09 mNAV & Speculation: MSTR vs. Traditional Companies 35:48 The Power of STRC: Saylor Is Issuing Perpetual Credit 40:05 The Opportunity of Buying At mNAV Less Than One 43:45 Alexandre On Strategic Growth For Bitcoin Treasury Companies 51:54 Stretch Is The Future Of Money

BitcoinTreasuries.NET

17,526 просмотров • 3 месяцев назад

Michael Saylor went this year from "Never sell Bitcoin" to selling if mNAV drops below 1 just imagine how much fear in this market now when even CEO of Strategy says they WOULD SELL Bitcoin

Michael Saylor went this year from "Never sell Bitcoin" to selling if mNAV drops below 1 just imagine how much fear in this market now when even CEO of Strategy says they WOULD SELL Bitcoin

Leshka.eth ⛩

130,405 просмотров • 6 месяцев назад

JUST IN: Michael Saylor explains the 3 types of Bitcoin treasury companies he expects to see emerge in the market over the next few years. 1. Bitcoin credit issuers (100-1,000x ROI) 2. Strong Bitcoin players (10-20x ROI) 3. Small Bitcoin equities (2-4x ROI)

JUST IN: Michael Saylor explains the 3 types of Bitcoin treasury companies he expects to see emerge in the market over the next few years. 1. Bitcoin credit issuers (100-1,000x ROI) 2. Strong Bitcoin players (10-20x ROI) 3. Small Bitcoin equities (2-4x ROI)

The ₿itcoin Therapist

155,286 просмотров • 8 месяцев назад