Sebastian Furn

Obsessed with the BTC treasury space. 185 companies tracked across 33 countries. | @Halvex1

[Sebastian Furn @SebastianFurn]

https://t.co/S7LEWV6UEK

[Sebastian Furn @SebastianFurn]

@RichardByworth @btcjvs Saylor came up with the 1.22x mNAV in the latest earnings call by using fully diluted mNAV.

Today the fully diluted mNAV is 0.90x.

So it was dilutive.

[Sebastian Furn @SebastianFurn]

@chcbearsfan Makes a lot of sense. A treasury with high amplification and Bitcoin leverage will naturally have higher "claim %"

[Sebastian Furn @SebastianFurn]

$ASST just bought 2,500 BTC last week. That's a 15% BTC Yield in one week.

[Halvex @Halvex1]

$ASST bought 2,500 BTC. Holdings: 19,000 BTC.

[Sebastian Furn @SebastianFurn]

$MSTR sold Bitcoin for the first time since 2022. A new era of net-positive accumulation.

[Halvex @Halvex1]

$MSTR sold 32 BTC. Holdings: 843,706 BTC.

[Sebastian Furn @SebastianFurn]

@PunterJeff Absolutely. The most valuable product for investors is maximum Bitcoin exposure risk-adjusted. Not just the minimum risk.

[Sebastian Furn @SebastianFurn]

@ColeMacro Completely aligned with this thesis. Everything should be viewed through risk-return💯

[Sebastian Furn @SebastianFurn]

It also takes into account fiat reserves, that's why.

I guess your point is that Strive will issue so much that they achieve a 1.1x BTC Rating? That means they will buy ~100k BTC at these Bitcoin price levels.

They will never reach a 1.1x BTC Rating anytime soon, maybe as the volatility of Bitcoin goes down.

[Sebastian Furn @SebastianFurn]

@btc_overflow The dividend capture trades are both buyers and sellers so there is no net-new demand.

The demand leading up to the dividend might decrease, but it will also dampen the selling after the dividend date. The overall volatility should reduce.

[Sebastian Furn @SebastianFurn]

@StrategyMaxi @ZynxBTC SATA has a 2.5x BTC Rating. https://t.co/xKvnq3vT8B

[Sebastian Furn @SebastianFurn]

@StrategyMaxi @ZynxBTC Paying 13% interest on an asset with 30% CAGR is risky🤔

[Sebastian Furn @SebastianFurn]

$SQNS is slowly unwinding its Bitcoin position.

Their Bitcoin holdings are down 80% since September 2025.

Their $189M convertible bond is fully paid off. But it didn't mature until 2028.

Instead of waiting it out, they became forced sellers at the worst possible moment.

[Halvex @Halvex1]

$SQNS sold 456 BTC. Holdings: 658 BTC.

[Sebastian Furn @SebastianFurn]

@ZynxBTC Definitely the most interesting opportunity right now.

Their fully diluted mNAV 1.48x which is relatively high compared to the other treasuries.

But I do think SATA will make up for it big time.

[Sebastian Furn @SebastianFurn]

@JustinWelter @ZynxBTC The warrants will dilute shareholders by 35% once they are exercised at their $27 strike. https://t.co/MgLrpTNyLr

[Sebastian Furn @SebastianFurn]

@ZynxBTC 0% debt and 38.2% amplification is pure Bitcoin exposure

[Sebastian Furn @SebastianFurn]

Huge buy from $ASST

[Halvex @Halvex1]

$ASST bought 1,109 BTC. Holdings: 16,500 BTC.

[Sebastian Furn @SebastianFurn]

BTC treasury $BTM is facing bankruptcy.

Their operating business of Bitcoin ATMs has been running with a huge loss. This is why it's essential to look at the operating businesses of the smaller treasuries.

[Halvex @Halvex1]

$BTM Nasdaq to suspend trading May 26 and file Form 25-NSE.

[Sebastian Furn @SebastianFurn]

Conviction.

[Halvex @Halvex1]

$MSTR bought 24,869 BTC. Holdings: 843,738 BTC.

[Sebastian Furn @SebastianFurn]

@EL92940216 You want to have maximum leverage on the BTC.

If BTC goes up 30% per year, it won't matter whether you pay 11.5% or 13% in interest.

[Sebastian Furn @SebastianFurn]

The higher BTC exposure wins. Whether you borrow at 13% or 11.5% won't matter.

It's all about how much you can borrow.

[Sebastian Furn @SebastianFurn]

@StrategyMaxi I think they will both do well