@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.
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.
@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.
$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.
@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.
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.