[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.] #  @btc_overflow Brian Brookshire (Bitcoin Overflow) Brian Brookshire, also known as Bitcoin Overflow, has been discussing the Bitcoin Treasury Company (BTC TC) space, specifically the growth and developments of various companies such as $MSTR, $MTPLF, $SWC, and $NAKA. The BTC TC sector is heating up, with companies accumulating Bitcoin and exploring new capital markets strategies, including preferred stock launches and ATM (At-The-Market) offerings. Brookshire has also been commenting on the competitive landscape and potential for growth in the sector, particularly in East Asia. ### Engagements: XXXXX [#](/creator/twitter::1639524229501849600/interactions)  - X Week XXXXXX -XX% - X Month XXXXXXX +174% - X Months XXXXXXXXX -XXXX% - X Year XXXXXXXXXX +896% ### Mentions: XX [#](/creator/twitter::1639524229501849600/posts_active)  - X Week XX -XX% - X Month XXX +74% - X Months XXXXX -XX% - X Year XXXXX +274% ### Followers: XXXXXX [#](/creator/twitter::1639524229501849600/followers)  - X Week XXXXXX -XXXX% - X Month XXXXXX -XXXX% - X Months XXXXXX +40% - X Year XXXXXX +396% ### CreatorRank: XXXXXXX [#](/creator/twitter::1639524229501849600/influencer_rank)  ### Social Influence [#](/creator/twitter::1639524229501849600/influence) --- **Social category influence** [cryptocurrencies](/list/cryptocurrencies) #8294 [finance](/list/finance) XXXXX% [stocks](/list/stocks) XXXX% [technology brands](/list/technology-brands) XXXX% [exchanges](/list/exchanges) XXXX% [currencies](/list/currencies) XXXX% **Social topic influence** [bitcoin](/topic/bitcoin) #2667, [market cap](/topic/market-cap) #573, [debt](/topic/debt) 7.32%, [$spot](/topic/$spot) 7.32%, [has been](/topic/has-been) 4.88%, [$115m](/topic/$115m) #5, [live on](/topic/live-on) #1982, [$h100](/topic/$h100) 2.44%, [$gs9](/topic/$gs9) 2.44%, [$hogpf](/topic/$hogpf) XXXX% **Top accounts mentioned or mentioned by** [@myfanforce](/creator/undefined) [@dividendguy67](/creator/undefined) [@cnicholson1988](/creator/undefined) [@esenfalcon1](/creator/undefined) [@ryquant](/creator/undefined) [@klaus_koo](/creator/undefined) [@mochastrategy](/creator/undefined) [@roxomtv](/creator/undefined) [@jessekobernick](/creator/undefined) [@anders_](/creator/undefined) [@satosophy](/creator/undefined) [@sanderandersenn](/creator/undefined) [@borjamartels](/creator/undefined) [@bitcoinjimmy21](/creator/undefined) [@emmettlong8](/creator/undefined) [@zynxbtc](/creator/undefined) [@lawrenc23141510](/creator/undefined) [@kakapo_coder](/creator/undefined) [@fmtadvisory](/creator/undefined) [@bthemoon2030](/creator/undefined) **Top assets mentioned** [Bitcoin (BTC)](/topic/bitcoin) [Spotify Technology (SPOT)](/topic/$spot) [Coinbase Global, Inc. (COIN)](/topic/coinbase) ### Top Social Posts [#](/creator/twitter::1639524229501849600/posts) --- Top posts by engagements in the last XX hours "H100 Update ($H100 $GS9 $HOGPF) Oct XX 2025. In recent weeks there has been much conversation on X and online about BTCTC share prices largely having moved together over prior months and the market not valuing companies as if it were differentiating among companies with varying histories of execution and strategy. There are two salient points of differentiation for H100 amidst current market circumstances. 1) H100 has not relied exclusively on share issuance for fundraising but has also employed leverage in the form of convertible bonds with a current leverage ratio of 31%. We are well" [X Link](https://x.com/btc_overflow/status/1982120485732188279) [@btc_overflow](/creator/x/btc_overflow) 2025-10-25T16:22Z 16.5K followers, 3646 engagements "@BitcoinJimmy21 Whenever you see BTC NAV being reported you're just seeing the total value of BTC on the books. No debt subtracted. Right or wrong those are the numbers you are seeing. Adjustments for the debt are all happening in the numerator (such as with diluted share counts and EV)" [X Link](https://x.com/btc_overflow/status/1982450275945263417) [@btc_overflow](/creator/x/btc_overflow) 2025-10-26T14:12Z 16.5K followers, XXX engagements "BTCTC credit ratings have arrived. Two things stood out to me in S&P's reasoning: - S&P views bitcoin concentration as a risk factor but recognizes prudent capital management. - S&P specifically mentioned increasing credit rating over time if use of convertible bonds decreases" [X Link](https://x.com/btc_overflow/status/1982893171039428691) [@btc_overflow](/creator/x/btc_overflow) 2025-10-27T19:32Z 16.5K followers, 9887 engagements "Coinbase says they're re-starting "Bitcoin loans" but read the fine print. Coinbase is just the middle man. They wrap bitcoin into cbBTC and deploy it into an Ethereum-based DeFi lending protocol called Morpho. I would not touch this product with a XX ft pole" [X Link](https://x.com/btc_overflow/status/1879904138420761084) [@btc_overflow](/creator/x/btc_overflow) 2025-01-16T14:50Z 16.5K followers, 229.6K engagements "@CNicholson1988 Odd indeed. This statement was particularly perplexing: "Because we deduct bitcoin assets from equity when we calculate adjusted common equity the company has negative total adjusted capital of as of second-quarter 2025."" [X Link](https://x.com/btc_overflow/status/1982901637820932109) [@btc_overflow](/creator/x/btc_overflow) 2025-10-27T20:06Z 16.5K followers, XXX engagements "Positioning XXX is that the category leader takes the lion's share of the market. A BTCTC needs to operate in capital raising niche(s) it can credibly be the largest in. Regional leadership is likely the most important as BTCTCs have natural advantages in their home markets" [X Link](https://x.com/btc_overflow/status/1978456528760738282) [@btc_overflow](/creator/x/btc_overflow) 2025-10-15T13:42Z 16.5K followers, 2285 engagements "Despite the steep downslope in the Fed's balance sheet bitcoin rebounded from $15787 on Nov XX 2022 to a current price of $109493 today. What happens when the Fed's balance sheet reverses course" [X Link](https://x.com/btc_overflow/status/1981476474243993790) [@btc_overflow](/creator/x/btc_overflow) 2025-10-23T21:43Z 16.5K followers, 3137 engagements "@klaus_koo It was part of the live broadcast on Mon Oct XX. I don't think the individual segment was split out into a separate video" [X Link](https://x.com/btc_overflow/status/1982128955135062361) [@btc_overflow](/creator/x/btc_overflow) 2025-10-25T16:55Z 16.5K followers, XXX engagements "But what is the right way to calculate mNAV There is currently gravitation toward enterprise value mNAV as the uniform standard for comparing BTCTCs but there are three widely used methods of calculating mNAV. Each of which gives a slightly different look a BTCTC valuation in relation to BTC NAV and debt. 1) Basic mNAV = Market Cap / BTC NAV This method only considers current shares outstanding and therefore captures no information about debt. 2) Diluted mNAV = (Stock Price * Assumed Diluted Share Count) / BTC NAV This method treats outstanding converts as if they had already converted" [X Link](https://x.com/btc_overflow/status/1982151674354438436) [@btc_overflow](/creator/x/btc_overflow) 2025-10-25T18:26Z 16.5K followers, 5785 engagements "@ZynxBTC Strategy reports mNAV using enterprise value which is why we've seen movement in that direction from the older way of just using diluted mNAV. Pros and cons to each which I discussed in a recent post. The tricky part of factoring warrants into mNAV is their optionality" [X Link](https://x.com/btc_overflow/status/1982441675227021525) [@btc_overflow](/creator/x/btc_overflow) 2025-10-26T13:38Z 16.5K followers, XXX engagements "@EsenFalcon1 We have basic and diluted mNAV on our dashboard. We are working on adding enterprise value mNAV as well in future releases" [X Link](https://x.com/btc_overflow/status/1982443185549807934) [@btc_overflow](/creator/x/btc_overflow) 2025-10-26T13:44Z 16.5K followers, XX engagements "@EsenFalcon1 OP and my comment are about how mNAV is reported in relation to debt. Any information about upcoming fundraising or buys has to be disclosed through a press release" [X Link](https://x.com/btc_overflow/status/1982446413779804313) [@btc_overflow](/creator/x/btc_overflow) 2025-10-26T13:57Z 16.5K followers, XX engagements "What would it take for H100 to become the most valuable Swedish company Spotify is 1200x the size of H100's market cap. 10x BTC price 10x BTC holdings and 10x BTC/sh at a 1.2x mNAV would get to parity" [X Link](https://x.com/btc_overflow/status/1982855110792450278) [@btc_overflow](/creator/x/btc_overflow) 2025-10-27T17:01Z 16.5K followers, X engagements "@Lawrenc23141510 $1M BTC is probably 4-7 years away. BTC accumulation is always "as fast as possible" but we haven't published specific targets and can't offer guidance on when we expect to hit certain valuations" [X Link](https://x.com/btc_overflow/status/1982862531296378944) [@btc_overflow](/creator/x/btc_overflow) 2025-10-27T17:30Z 16.5K followers, XX engagements "I've spoken to read the thoughts of and listened to many BTCTC investors recently. The trend I'm noticing is value investors who remember the opportunities of 2022-23 but had not yet participated in the newer BTCTCs entering here" [X Link](https://x.com/btc_overflow/status/1982655040868536454) [@btc_overflow](/creator/x/btc_overflow) 2025-10-27T03:46Z 16.5K followers, 2544 engagements "What would it take for H100 to become the most valuable Swedish company Spotify the current #1 is 1200x the size of H100's market cap. 10x BTC price ($1.15M BTC) and 100x BTC holdings (104466 BTC) at a 1.2x mNAV would get to parity" [X Link](https://x.com/btc_overflow/status/1982857981923602689) [@btc_overflow](/creator/x/btc_overflow) 2025-10-27T17:12Z 16.5K followers, 1201 engagements "S&P Global: "The strategy also creates an inherent currency mismatch: The company has a long bitcoin position and a short U.S. dollar position." One man's risk factor is another man's core value proposition" [X Link](https://x.com/btc_overflow/status/1982911333684396315) [@btc_overflow](/creator/x/btc_overflow) 2025-10-27T20:44Z 16.5K followers, 2435 engagements "I'll be live on @RoxomTV today from 12:45pm ET" [X Link](https://x.com/btc_overflow/status/1982800082308153524) [@btc_overflow](/creator/x/btc_overflow) 2025-10-27T13:22Z 16.5K followers, 5989 engagements "Update schedule change to 11:45am ET. Going live in a few minutes" [X Link](https://x.com/btc_overflow/status/1982835609011204382) [@btc_overflow](/creator/x/btc_overflow) 2025-10-27T15:43Z 16.5K followers, 2337 engagements "What would it take for H100 to become the most valuable Swedish company Spotify the current #1 is 1200x the size of H100's market cap. 10x BTC price ($1.15M BTC) and 100x BTC holdings (104666 BTC) at a 1.2x mNAV would get to parity" [X Link](https://x.com/btc_overflow/status/1982863022243893598) [@btc_overflow](/creator/x/btc_overflow) 2025-10-27T17:32Z 16.5K followers, 2356 engagements ""Because we deduct bitcoin assets from equity when we calculate adjusted common equity the company has negative total adjusted capital of as of second-quarter 2025." Imagine what happens to $MSTR's credit rating when S&P starts treating bitcoin as capital instead of a demerit" [X Link](https://x.com/btc_overflow/status/1982918284493422641) [@btc_overflow](/creator/x/btc_overflow) 2025-10-27T21:12Z 16.5K followers, 2259 engagements
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
@btc_overflow Brian Brookshire (Bitcoin Overflow)
Brian Brookshire, also known as Bitcoin Overflow, has been discussing the Bitcoin Treasury Company (BTC TC) space, specifically the growth and developments of various companies such as $MSTR, $MTPLF, $SWC, and $NAKA. The BTC TC sector is heating up, with companies accumulating Bitcoin and exploring new capital markets strategies, including preferred stock launches and ATM (At-The-Market) offerings. Brookshire has also been commenting on the competitive landscape and potential for growth in the sector, particularly in East Asia.
Engagements: XXXXX #
- X Week XXXXXX -XX%
- X Month XXXXXXX +174%
- X Months XXXXXXXXX -XXXX%
- X Year XXXXXXXXXX +896%
Mentions: XX #
- X Week XX -XX%
- X Month XXX +74%
- X Months XXXXX -XX%
- X Year XXXXX +274%
Followers: XXXXXX #
- X Week XXXXXX -XXXX%
- X Month XXXXXX -XXXX%
- X Months XXXXXX +40%
- X Year XXXXXX +396%
CreatorRank: XXXXXXX #
Social Influence #
Social category influence cryptocurrencies #8294 finance XXXXX% stocks XXXX% technology brands XXXX% exchanges XXXX% currencies XXXX%
Social topic influence bitcoin #2667, market cap #573, debt 7.32%, $spot 7.32%, has been 4.88%, $115m #5, live on #1982, $h100 2.44%, $gs9 2.44%, $hogpf XXXX%
Top accounts mentioned or mentioned by @myfanforce @dividendguy67 @cnicholson1988 @esenfalcon1 @ryquant @klaus_koo @mochastrategy @roxomtv @jessekobernick @anders_ @satosophy @sanderandersenn @borjamartels @bitcoinjimmy21 @emmettlong8 @zynxbtc @lawrenc23141510 @kakapo_coder @fmtadvisory @bthemoon2030
Top assets mentioned Bitcoin (BTC) Spotify Technology (SPOT) Coinbase Global, Inc. (COIN)
Top Social Posts #
Top posts by engagements in the last XX hours
"H100 Update ($H100 $GS9 $HOGPF) Oct XX 2025. In recent weeks there has been much conversation on X and online about BTCTC share prices largely having moved together over prior months and the market not valuing companies as if it were differentiating among companies with varying histories of execution and strategy. There are two salient points of differentiation for H100 amidst current market circumstances. 1) H100 has not relied exclusively on share issuance for fundraising but has also employed leverage in the form of convertible bonds with a current leverage ratio of 31%. We are well"
X Link @btc_overflow 2025-10-25T16:22Z 16.5K followers, 3646 engagements
"@BitcoinJimmy21 Whenever you see BTC NAV being reported you're just seeing the total value of BTC on the books. No debt subtracted. Right or wrong those are the numbers you are seeing. Adjustments for the debt are all happening in the numerator (such as with diluted share counts and EV)"
X Link @btc_overflow 2025-10-26T14:12Z 16.5K followers, XXX engagements
"BTCTC credit ratings have arrived. Two things stood out to me in S&P's reasoning: - S&P views bitcoin concentration as a risk factor but recognizes prudent capital management. - S&P specifically mentioned increasing credit rating over time if use of convertible bonds decreases"
X Link @btc_overflow 2025-10-27T19:32Z 16.5K followers, 9887 engagements
"Coinbase says they're re-starting "Bitcoin loans" but read the fine print. Coinbase is just the middle man. They wrap bitcoin into cbBTC and deploy it into an Ethereum-based DeFi lending protocol called Morpho. I would not touch this product with a XX ft pole"
X Link @btc_overflow 2025-01-16T14:50Z 16.5K followers, 229.6K engagements
"@CNicholson1988 Odd indeed. This statement was particularly perplexing: "Because we deduct bitcoin assets from equity when we calculate adjusted common equity the company has negative total adjusted capital of as of second-quarter 2025.""
X Link @btc_overflow 2025-10-27T20:06Z 16.5K followers, XXX engagements
"Positioning XXX is that the category leader takes the lion's share of the market. A BTCTC needs to operate in capital raising niche(s) it can credibly be the largest in. Regional leadership is likely the most important as BTCTCs have natural advantages in their home markets"
X Link @btc_overflow 2025-10-15T13:42Z 16.5K followers, 2285 engagements
"Despite the steep downslope in the Fed's balance sheet bitcoin rebounded from $15787 on Nov XX 2022 to a current price of $109493 today. What happens when the Fed's balance sheet reverses course"
X Link @btc_overflow 2025-10-23T21:43Z 16.5K followers, 3137 engagements
"@klaus_koo It was part of the live broadcast on Mon Oct XX. I don't think the individual segment was split out into a separate video"
X Link @btc_overflow 2025-10-25T16:55Z 16.5K followers, XXX engagements
"But what is the right way to calculate mNAV There is currently gravitation toward enterprise value mNAV as the uniform standard for comparing BTCTCs but there are three widely used methods of calculating mNAV. Each of which gives a slightly different look a BTCTC valuation in relation to BTC NAV and debt. 1) Basic mNAV = Market Cap / BTC NAV This method only considers current shares outstanding and therefore captures no information about debt. 2) Diluted mNAV = (Stock Price * Assumed Diluted Share Count) / BTC NAV This method treats outstanding converts as if they had already converted"
X Link @btc_overflow 2025-10-25T18:26Z 16.5K followers, 5785 engagements
"@ZynxBTC Strategy reports mNAV using enterprise value which is why we've seen movement in that direction from the older way of just using diluted mNAV. Pros and cons to each which I discussed in a recent post. The tricky part of factoring warrants into mNAV is their optionality"
X Link @btc_overflow 2025-10-26T13:38Z 16.5K followers, XXX engagements
"@EsenFalcon1 We have basic and diluted mNAV on our dashboard. We are working on adding enterprise value mNAV as well in future releases"
X Link @btc_overflow 2025-10-26T13:44Z 16.5K followers, XX engagements
"@EsenFalcon1 OP and my comment are about how mNAV is reported in relation to debt. Any information about upcoming fundraising or buys has to be disclosed through a press release"
X Link @btc_overflow 2025-10-26T13:57Z 16.5K followers, XX engagements
"What would it take for H100 to become the most valuable Swedish company Spotify is 1200x the size of H100's market cap. 10x BTC price 10x BTC holdings and 10x BTC/sh at a 1.2x mNAV would get to parity"
X Link @btc_overflow 2025-10-27T17:01Z 16.5K followers, X engagements
"@Lawrenc23141510 $1M BTC is probably 4-7 years away. BTC accumulation is always "as fast as possible" but we haven't published specific targets and can't offer guidance on when we expect to hit certain valuations"
X Link @btc_overflow 2025-10-27T17:30Z 16.5K followers, XX engagements
"I've spoken to read the thoughts of and listened to many BTCTC investors recently. The trend I'm noticing is value investors who remember the opportunities of 2022-23 but had not yet participated in the newer BTCTCs entering here"
X Link @btc_overflow 2025-10-27T03:46Z 16.5K followers, 2544 engagements
"What would it take for H100 to become the most valuable Swedish company Spotify the current #1 is 1200x the size of H100's market cap. 10x BTC price ($1.15M BTC) and 100x BTC holdings (104466 BTC) at a 1.2x mNAV would get to parity"
X Link @btc_overflow 2025-10-27T17:12Z 16.5K followers, 1201 engagements
"S&P Global: "The strategy also creates an inherent currency mismatch: The company has a long bitcoin position and a short U.S. dollar position." One man's risk factor is another man's core value proposition"
X Link @btc_overflow 2025-10-27T20:44Z 16.5K followers, 2435 engagements
"I'll be live on @RoxomTV today from 12:45pm ET"
X Link @btc_overflow 2025-10-27T13:22Z 16.5K followers, 5989 engagements
"Update schedule change to 11:45am ET. Going live in a few minutes"
X Link @btc_overflow 2025-10-27T15:43Z 16.5K followers, 2337 engagements
"What would it take for H100 to become the most valuable Swedish company Spotify the current #1 is 1200x the size of H100's market cap. 10x BTC price ($1.15M BTC) and 100x BTC holdings (104666 BTC) at a 1.2x mNAV would get to parity"
X Link @btc_overflow 2025-10-27T17:32Z 16.5K followers, 2356 engagements
""Because we deduct bitcoin assets from equity when we calculate adjusted common equity the company has negative total adjusted capital of as of second-quarter 2025." Imagine what happens to $MSTR's credit rating when S&P starts treating bitcoin as capital instead of a demerit"
X Link @btc_overflow 2025-10-27T21:12Z 16.5K followers, 2259 engagements