Guides
Bitcoin Treasury Guides
Plain answers to the questions investors actually ask about Bitcoin treasury companies. Sourced, dated, and tied to working models.
mNAV meaning: what is mNAV and mNAV reflexivity?
mNAV meaning: market cap divided by the dollar value of a company's Bitcoin holdings. mNAV reflexivity is the feedback loop where a premium above 1× funds accretive equity issuance and raises BTC per share.
/guides/mnav-reflexivity-explained · 2025-06-20 →What happens when a Bitcoin treasury company's premium collapses?
When mNAV falls to or below 1×, the equity-issuance arbitrage closes and the company can no longer accrete BTC per share through dilution.
/guides/bitcoin-treasury-premium-collapse · 2025-06-20 →Can a Bitcoin treasury company go to zero?
Yes. A Bitcoin treasury company can fail through forced BTC sales, operating burn, reflexivity collapse, or governance failure, even if BTC itself holds value.
/guides/can-a-bitcoin-treasury-company-go-to-zero · 2025-06-20 →What are the governance red flags in a Bitcoin treasury company?
The highest-risk governance structures concentrate BTC authority in one executive, rely on unbounded ATM issuance, and lack published custody proof.
/guides/bitcoin-treasury-governance-red-flags · 2025-06-20 →Is Metaplanet overvalued?
As of June 2025, Metaplanet trades at an mNAV premium that prices in sustained BTC accretion from its moving-strike warrant program, with material dilution risk.
/guides/is-metaplanet-overvalued · 2025-06-20 →How much Bitcoin is quantum exposed?
Roughly 6.04 million BTC, about 30.2% of issued supply as of mid-2026, has a public key visible on-chain and is theoretically exposed to a sufficiently powerful quantum computer.
/guides/how-much-bitcoin-is-quantum-exposed · 2026-06-23 →mNAV vs CEBE vs BPS: which metric actually matters?
mNAV, CEBE, and BPS each measure a different layer of a Bitcoin treasury company. None alone captures reflexivity, which is what decides whether a premium is sustainable.
/guides/mnav-vs-cebe-vs-bps · 2026-06-23 →Is MSTR overvalued?
Analysis of Strategy (MSTR) as of June 2026: the premium to Bitcoin NAV is only justified if the company keeps accreting BTC per share faster than dilution.
/guides/is-mstr-overvalued · 2026-06-23 →What is Bitcoin yield (BTC Yield), and is it a real yield?
Bitcoin yield — reported as BTC Yield by Strategy — is a non-GAAP metric measuring the percentage change in BTC per diluted share. It is real accretion, but it is not a yield.
/guides/what-is-btc-yield · 2026-06-23 →What are the best Bitcoin treasury analysis tools?
A neutral breakdown of mnav.io, BitcoinQuant, Ziven, and CEBE/Bitcoin Magazine Pro for Bitcoin treasury analysis, plus the two gaps the category still leaves open.
/guides/best-bitcoin-treasury-analysis-tools · 2026-06-23 →Bitcoin Rainbow Chart vs. Power-Law Corridor: which long-term model is better?
Bitcoin Rainbow Chart vs. Power-Law Corridor compared: log-linear color bands versus a log-log regression with ±σ envelopes. Why the Power-Law model is the more disciplined long-term Bitcoin valuation tool.
/guides/bitcoin-rainbow-chart-vs-power-law · 2026-07-28 →