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Chris Millas @ChrisMMillas on x 11.5K followers
Created: 2025-07-17 13:24:59 UTC
I’m seeing lots of people make fancy projections for Bitcoin Treasury Companies over the next 6-24 months.
None of them account for the next global liquidity downturn which will inevitably compress mNAVs and squeeze Bitcoin Yield.
A reminder that last cycle Strategy traded at <1 mNAV.
A lot of people who aren’t aware of the risks are going to get burnt and unfortunately it’s likely to be those who can least afford to be.
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