Days/Months to mNAV cover is too generous in a bull run and too conservative in a bear dip... Perhaps we can improve on it by subtracting the efforts of king BTC and leaving just the efforts of the capital raisers instead? That would show who is being more industrious. To make…


Unsure if the math would work at first glance? If we exclude BTC price change effects, how do you calculate the treasury? Without the treasury, there's no mNAV to compute, creating a circular problem. Or do i misunderstand your point? P.s. i don't think we should overcomplicate…


To be fair, I like your idea of looking at days to cover sats per share. I.e. a BTCTC has 100 sats / share now, and you but it at a valuation of 200 sats / share. How long until they increase the sats per share to 200? This rewards non dilutive increases more and is more…


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