Today marks 5 years since we adopted a $BTC strategy.

Day 9 of 100: The “EPS” for Bitcoin Treasury Companies is called BPS 🧵👇 EPS measures fiat earnings per share. BPS = Bitcoin held ÷ shares outstanding. It’s the north star metric for BTC TCs. Why BPS matters: – Tracks stacking progress – Aligns shareholders & management –

Day 10 of 100: Bitcoin Yield; the growth velocity of a BTC Treasury Company 🧵👇 It’s the earnings growth rate, but in Bitcoin. Formula: BTC held now – BTC held then / BTC held Example: 100 BTC → 250 BTC in 7 months = 150% Bitcoin Yield Why it matters: ✔ Shows stacking

Day 11 of 100: Bitcoin Gains: the notional profit metric for Bitcoin Treasury Companies 🧵👇 Bitcoin Gains = (Current BTC value – Acquisition cost) × BTC held Example: 10,000 BTC at $60K → Price now $120K = $600M Bitcoin Gains Why it matters: ✔ Shows balance sheet strength

Why I love business

I see this question being the. O 1 asked question when 2 or more people discuss their lives/ monetary situation or future planning in the next decade. It’s still a very rare occurrence that someone asks something so specific. In5 years this will be the $10 trillion question on

$SPON is not just the token for Spheron Network It is the fuel that drives their GPU ecosystem. I’ve had the privilege of watching Prashant - ai/acc | bringing spheron revolution & his team up close as they build for the last 3 years, they know what they want and I have no doubt they will get it More power to

Day 12 of 100: BTC NAV; the anchor metric for Bitcoin Treasury Companies 🧵👇 BTC NAV = BTC held × Current price (in native fiat) For non-USD companies, FX rates also move NAV. In some developing economies, a falling local currency boosts BTC NAV. Since BTC trades 24/7, NAV is

How one tweet can reveal a person, market participants thought he has the perfect trade with his BTC long and MSTR short. But he doesn’t get BTC is a revelation

Day 13/100: mNAV – The P/E ratio of Bitcoin Treasury Companies 📊 What is mNAV? It measures how the market values a company’s Bitcoin holdings: Equity Basis → Market Cap ÷ BTC NAV Enterprise Value Basis → (Market Cap + Debt) ÷ BTC NAV mNAV =1 → valued equal to BTC held <1

Anyone who says MSTR will sell their bitcoin doesn’t understand what HODLing means

Day 14 🟧 mNAV > 1 isn’t a nice-to-have. It’s survival for Bitcoin Treasury Companies. Below 1 = value destruction. Above 1 = Bitcoin per Share keeps stacking. But why does the market always give the >1 premium? 🤔 📝 Full breakdown: open.substack.com/pub/btcstacker… #Bitcoin #BTC

How to smell a shitcoiner from a mile away! yield & staking for stock markets anyone?

Day 15️⃣ | Bitcoin Treasury Series Planet B case study ⬇️ 100 BTC, 1M shares = 10k sats/share After raise: 500 BTC, 3M shares = 16.6k sats/share (+66%) Even if mNAV compresses, BTC/share keeps growing 🚀 That’s why raising above 1 mNAV = value accretive for all holders. Read

ETFs ≠ BTC Treasury Companies ETFs track price. BTC TCs build strategy. With >1 mNAV, TCs stack more BTC per share & give long-term holders compounding value. Would you pick a BTC TC over an ETF? 👉 Read the full Substack breakdown: open.substack.com/pub/btcstacker…

Evaluating a BTC Treasury Company? Here’s the framework: – Business model – Management – Bitcoin journey – BTC held + targets – BTC management strategy – mNAV (history + current) – Competition – Fundraising – Equity/Debt – BTC price outlook Full Substack breakdown 👉

I don’t know how this is not shown as a bad ass leader example ever!!!

What a symbolic number. I hope you get it 632457/21000000=0.0301 3.01% or BTC supply now lies with MSTR 🫡🫡🫡

Day 18 of 100: Step 1 in evaluating a BTC Treasury Company → look at the business itself 🧵👇 Questions to ask: – Does it generate cash flows? – Growing, shrinking, or flat? – Linked to Bitcoin/Web3? – How was it valued pre-BTC strategy? Why cash flows matter: ✔️ Protects

Day 19 of 100: Evaluating BTC Treasury Company Management 🧵 🏭 It’s not about machines or markets. It’s about people. Look for: – Visibility in Bitcoin + investor circles – Bitcoin-first experience – Long-term vision (belief vs opportunism) – Risk management discipline – The