Guides
Bitcoin Treasury Guides
Plain answers to the questions investors actually ask about Bitcoin treasury companies. Sourced, dated, and tied to working models.
What is mNAV reflexivity?
mNAV reflexivity is the feedback loop where a Bitcoin treasury company's premium to NAV funds accretive equity issuance, raising BTC per share and sustaining the premium.
/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 BTC Yield, and is it a real return?
BTC Yield is a non-GAAP metric coined by Strategy that measures 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 →