Need to look at fully diluted or net NAV

sixteen of twenty below nav, who's still funding that model?

Not accurate for $btbt; once you deduct their $wyfi stake it's way below

sixteen treasuries just traded under their own vault.

four still trade above the bag and sixteen were just the raise story

NAV discounts are getting hard to ignore

persistent nav discounts can choke the capital raises funding accumulation

Only four of the 20 largest crypto treasury companies trading above the value of their holdings shows the model is under real pressure. You and @reynosismo_ are the two accounts I most enjoy following

A treasury company trading below its own holdings is not a strategy, it is a discount with a board. The model only raises capital while the premium is believed; beneath NAV, each new issuance dilutes more crypto than it buys.

4 of 20 trade above what they hold. under 1x mnav the flywheel runs backwards, every new share raises less than the coin it's supposed to buy. sequans already dumped its last 314 btc today. the other 16 are one bad quarter from callin the same uber

so 16 of the 20 biggest treasury companies trade at or below what they hold. a discount to your own vault is a fairly quiet way to say the premium is over.

Turns out you cant print shares forever at a premium. 16 of 20 under NAV, the flywheel is just a bag now 💰

this breaks the flywheel these companies depended on. they raised money by issuing shares above nav to buy more crypto, and that only works if the premium holds. trading below nav means new issuance actually dilutes shareholders instead of adding value, which kills the entire strategy going forward

With the ETH rally, the value will change very soon, and everyone will miss a great opportunity.

Looks like the treasury model's losing steam

I’ve learned a ton from the stocks you highlight and how you break down the reasoning behind them. @nickdannunzio is another account I’ve gotten a lot out of. You’re easily two of my favorite analysts to follow.

$BTCS going to get a rerate when they announce record 3Q profits