Custom Metrics On Bitcoin Treasury Company

Here introduce two metrics I invented to measure bitcoin treasury company.

mNAV To BTC Yield Ratio

Just like PEG ratio for Trad-Fi world, mNAV to BTC yield ratio measure how expensive this bitcoin treasury company is. Just divide mNAV with BTC yield to get the result, lower is better.

mNAV To BTC Yield Ratio =  mNAV / BTC Yield

Example

Stock	mNAV	BTC Yield YTD	YTD Ratio	Forward BTC Yield	Forward Ratio
MSTR	1.84	0.168	10.95	0.25	7.36
MTPLF	5	2.25	2.22	3.32	1.51

Vitality Index

Saylor has told the world, “Volatility is vitality ”. With higher volatility, bitcoin treasury company could raise more capital with convertible debts. But volatility is not only vitality source, the daily turnover of stock is also important.

I invent vitality index to measure the stock vitality.

Vitality Index = HV(30D) + Daily Turnover * 1000

Example

Stock	HV %	Trunover %	Index
MSTR	61.39	8.47	146.09
MetaPlanet	157.34	11.83	275.64
SMLR	112.81	12.28	235.61
HIMS	134.272	12.56	259.872
TSLA	63.6	3.19	95.5
PLTR	64	4.3	107

Current stock pick

Of course you should invest into MSTR, cause it’s the first and largest bitcoin treasury company in the world.But what else can we choose?According to two custom metrics I introduced above, I think MetaPlanet is a good choice.