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[@RoaringRagnar](/creator/twitter/RoaringRagnar)
"Strategy has now $XXXXX billion of capital raising capacity remaining assuming the $STRF and $STRD ATMs count on top. If they don't count on top then the remaining capacity is $XXXXX billion. Saylor will juice those preferreds so hard. 🤯 Warriors we're going to Valhalla"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1942208973878575169) 2025-07-07 13:07:58 UTC 9729 followers, 4589 engagements


"Fantastic news from Czechia legalizing psilocybin"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1946335173928202472) 2025-07-18 22:24:01 UTC 9629 followers, 2632 engagements


"Latest Comparison of BTC Treasury Companies: $MSTR $MTPLF $ALTBG $SWC $HOGPF $CINGF Change log: - Added latest $HOGPF purchase + capital raise - Added latest $SWC capital raise - Added latest $ALTBG capital raise - I removed $SMLR and $KULR to simplify my sheets. I will add them back once they massively increase aggressiveness ⚠ Important updates: - After discussing with @RichardByworth and analyzing the dashboards of $MSTR and $MTPLF I decided to base the mNAV calculation on the basic shares outstanding (instead on the fully diluted share count) - BTC Yield is still calculated based on"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1943390468718350681) 2025-07-10 19:22:48 UTC 9711 followers, 91.1K engagements


"How should I call my comparison spreadsheet Ragnaboard has been suggested. Any other ideas"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1946546348322410925) 2025-07-19 12:23:09 UTC 9711 followers, 11K engagements


"The Ragnar Universe is now holding 405K shares of $SWC. Added 55K at XXXX. 🫡"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1940708115504419125) 2025-07-03 09:44:06 UTC 9630 followers, 17.4K engagements


"I'm not sure about the current H100 cash balance. What's the best way to accurately calculate cash balance I'm having a hard time parsing the complicated capital structure: @steve_btcfo @Bthemoon2030"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1943450642791747750) 2025-07-10 23:21:55 UTC 9629 followers, 2585 engagements


"@KristophJeffers Or. we could just hodl and enjoy life 😎"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1947732280140554492) 2025-07-22 18:55:37 UTC 9729 followers, XXX engagements


"Ragnar confirms the acquisition of 1000 Followers in XX days for XXX posts the holding of a total of 9013 Followers and a BTC Follower Yield of XXXX% quarter to date. Truly appreciate you all. ❤"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1944766601221341433) 2025-07-14 14:31:04 UTC 9684 followers, 5574 engagements


"Here's $MTPLF priced in $MSTR. We're down XX% or up XX% in terms of $MSTR. So everyone who runs their $MSTR ATM right now will get XX% more $MTPLF shares than a few weeks ago. These are the opportunities to take advantage of. Be greedy when others are fearful"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1943617885357703636) 2025-07-11 10:26:29 UTC 9727 followers, 71.7K engagements


"@Croesus_BTC @Runnersvibes Would love to talk and exchange ideas Jesse. I prefer my forward version. See my reasoning here"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1946973177998917999) 2025-07-20 16:39:13 UTC 9629 followers, XXX engagements


"To be fair we cant just look at "new supply". There's always a supply of coins ready to be sold especially as the price goes higher. Would be interesting to see an estimate of how many coins will come on the market at any future price. If we assume that 4m Bitcoin are lost then we have XXX billion people (and hundreds of thousands of companies and organizations) fight over 17m Bitcoin. Personally I like this visualization the best: There are 65m millionaires in the world. So every millionare can only ever get XXXX BTC. Let that sink in"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1947222393685999963) 2025-07-21 09:09:30 UTC 9697 followers, 1568 engagements


"Current $MTPLF mNAV is XXXX. In early May when they were at similar levels Metaplanet was holding 5000 BTC. Since then they more than 3x their stack. QTD BTC Yield is XXXX% which is almost as much as Strategys YTD number. I may need to run the $MSTR ATM again today"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1945376628818739557) 2025-07-16 06:55:06 UTC 9711 followers, 34.2K engagements


"Bought more $MTPLF. Remember that the best time to buy is when there is blood in the street. Be greedy when others are fearful. Did you notice that mNAV is now at 2.78"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1947559015245807921) 2025-07-22 07:27:07 UTC 9729 followers, 28.9K engagements


"Why did $MSTR choose to delever I think they are preparing themselves for an epic bull run fueled by hundreds of pure play BTC Treasury Companies. I also think they are waiting for the credit markets to catch up and give their prefs the credit rating they deserve. I would like to see all converts convert and disappear from their balance sheet. This will then be the time to aggressively lever up via prefs. They said they are targeting a leverage ratio of 20-30%. With $STRD they might go even higher as this is their junk bond. Personally I would use only XX% of the target leverage capacity."  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1947275553020498068) 2025-07-21 12:40:45 UTC 9721 followers, 5958 engagements


"H100 seems to be the fastest horse at the moment. I added Forward months to cover based on my Q3 estimate of BTC Yield. What are your estimates for Q3 BTC Yield Note: Everyone able to buy now is front-running the US and the rest of Europe as they will add new tickers soon"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1943603820409311312) 2025-07-11 09:30:35 UTC 9701 followers, 14K engagements


"Be honest have you sold native BTC to buy BTC Treasury Companies"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1947177110399070402) 2025-07-21 06:09:34 UTC 9636 followers, 3373 engagements


"The Bitcoin Treasury Companies that I own: CORE BETS (up to 90%): - Metaplanet - Strategy MEDIUM TIER (up to 10%): - Smarter Web - ALTBG - H100 VENTURE BETS (up to 5%): - Coinsilium - LQWD - K33 - ALBDM - BLGV - CCCM - MATA - SORA - 1721 Which ones do you own"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1939647769116860576) 2025-06-30 11:30:39 UTC 9716 followers, 36.7K engagements


"Serious question how do you guys keep up with everything Im reaching my limits and to be honest have reached them a long time ago"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1947726048742781350) 2025-07-22 18:30:51 UTC 9729 followers, 36K engagements


"@Leo_HODL What period have you used for BYD It would be helpful to add this to the chart"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1947191901809004630) 2025-07-21 07:08:21 UTC 9630 followers, XXX engagements


"⚠ Open-Sourcing my Comparison Framework & Help Needed Due to popular demand I have now decided to open source my comparison framework. I've uploaded all the spreadsheets that I use for my comparisons to this public Google Sheets: My comparison is under "Ragnar Comparison" and the data source is "BTC Master Sheet". Help needed: Can someone help create a master sheet template that collects all data per single company Basically a generalized version of "BTC Master Sheet" worksheet for one company including all raises all cash balances all purchases all converts all debt all BTC Yields all"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1946561282582134977) 2025-07-19 13:22:29 UTC 9729 followers, 39.2K engagements


"Loved this $SWC episode with @asjwebley so many great nuggets in there"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1943940972011745771) 2025-07-12 07:50:19 UTC 9683 followers, 4029 engagements


"Latest Comparison of BTC Treasury Companies: $MSTR $MTPLF $ALTBG $SWC $HOGPF $CINGF Change log: - Added latest $SWC purchase - Added assumed fully diluted number of shares in addition to basic shares - Added Forward months to cover based on my estimation for Q3 BTC Yield It's slowly coming together. 😊 This is all still very experimental & manual. Lots of improvements and ideas in the pipeline (thank you all for so much valuable feedback). If possible always provide the source and/or detailed calculations when suggesting corrections. Follow me @RoaringRagnar so you don't miss any updates."  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1943598878567121186) 2025-07-11 09:10:57 UTC 9681 followers, 56.9K engagements


"Germany has its first Bitcoin Accumulation Machine"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1942500274121449635) 2025-07-08 08:25:29 UTC 9630 followers, 13.7K engagements


"@ColeMacro What will be the key consequences of so much Paper Bitcoin"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1946617954314961337) 2025-07-19 17:07:41 UTC 9711 followers, XXX engagements


"Summary of the $MSTR SEC filing July XX 2025: X. $XXXXX million raised from $MSTR ATM at $XXXXXX per share on average. $XXXXX billion capacity remaining. X. $XXXX million raised from $STRK ATM at $XXXXXX per share on average. New record. $XXXXX billion capacity remaining. X. $XXXX million raised from $STRF ATM at $XXXXXX per share on average. New record. $XXXX billion capacity remaining. X. $XX million raised from $STRD ATM at $XXXXX per share on average. New record. $XXXX billion capacity remaining. X. In total Strategy raised $XXXXX million from preferreds and continues to harvest the juicy"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1944735317430349902) 2025-07-14 12:26:45 UTC 9638 followers, 80.6K engagements


"BTC Treasuries Community Ranking July XX 2025 Link to spreadsheet:"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1944876669325451740) 2025-07-14 21:48:26 UTC 9729 followers, 31.1K engagements


"Can anyone summarize the $SQNS thesis for me I cant keep up with all those companies"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1947242841027043780) 2025-07-21 10:30:45 UTC 9729 followers, 15.4K engagements


"@AlexandreLaizet @_ALTBG 2000 BTC in reach 🔥"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1947177450707788257) 2025-07-21 06:10:55 UTC 9629 followers, XXX engagements


"FMC (Forward months to cover mNAV) the most juicy it has been in a while. Metaplanet Capital B SWC at 3-4 months. H100 Coinsilium BLGV PXI all below X months. All basic mNAVs above XXX which means that the BTC treasury playbook is still working and all raises are highly accretive. The only thing required is that we keep going. Raise money. Deploy into Bitcoin. Repeat. Small companies should publish at least X major news per week (ideally 3). Large companies like MSTR once per week. Lets go warriors. We havent even properly started yet. ⚔ @btcjvs @joey_cacciatore @EMoshevich @Sanderandersenn"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1947995675662111153) 2025-07-23 12:22:15 UTC 9729 followers, 31.7K engagements


"My main metric for pair trading BTC Treasuries is FMC (in months) or Forward P/BYD (same number but in years). FMC means Forward Months to Cover mNAV. It's the number of months it takes to fully cover the Forward mNAV back to X. It's based on the Forward mNAV (which includes all cash ready to be deployed into Bitcoin) and my estimate of Q3 BTC Yield. I don't like to look backwards as the historical numbers are often skewed upwards for early companies or a little low for companies with a bad quarter (like ALTBG). Of course this is highly subjective. You can download my spreadsheet and include"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1947211709057274163) 2025-07-21 08:27:03 UTC 9729 followers, 4273 engagements


"35% sold native BTC to buy BTC Treasury companies. Full results of my poll:"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1947546237537763337) 2025-07-22 06:36:21 UTC 9699 followers, 2043 engagements


"A lot of people are selling BTC for Treasuries. Very interesting and something to keep in mind when BTC price takes a breather"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1947229344159412660) 2025-07-21 09:37:08 UTC 9684 followers, 2486 engagements


"YOLO PORTFOLIO UPDATE JULY XX 2025 Project $1M: XX% complete Added $PXI today. Super small super early risky but great potential. They have $13M CAD in cash & equivalents that they plan to fully port into Bitcoin. Note: This is my strict YOLO portfolio where I deliberately push the limits. Its a small part of my net worth. I still have my big HODL positions. Dont blindly copy me"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1944857251182755882) 2025-07-14 20:31:17 UTC 9689 followers, 12.9K engagements


"$SWC continues to be very attractive at these prices. I added Forward months to cover based on my Q3 estimate of BTC Yield. What are your estimates for Q3 BTC Yield"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1943600259768222176) 2025-07-11 09:16:26 UTC 9724 followers, 2315 engagements


"Current comparison between BTC Treasury companies: $MSTR $MTPLF $ALTBG $SMLR and $SWC Change log: - Added $SWC due to popular demand. - Added subjective BTC Yield Discount to account for small base I need help with $SWC: Is share count correct Do they have debt When was their first purchase and how much (ideally including source links where I can get the updated numbers in the future) I need help with $KULR: Can anyone provide me with all relevant data (ideally including source links where I can get the updated numbers in the future) This is all still very experimental and manual. Follow me"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1926998483703119938) 2025-05-26 13:46:55 UTC 9632 followers, 67.6K engagements


"Summary of the $MSTR SEC filing July XX 2025: X. $XXXXX million raised from $MSTR ATM at $XXXXXX per share on average. $XXXXX billion capacity remaining. X. $XXX million raised from $STRK ATM at $XXXXXX per share on average. XXXXX billion capacity remaining. X. $XXX million raised from $STRF ATM at $XXX per share on average (seems low Im pretty sure theres a rounding problem or an error there). $XXXX billion capacity remaining. X. $XXX million raised from $STRD ATM at $XXXXX per share on average. $XXXX billion capacity remaining. X. In total Strategy raised just $XXX million from preferreds"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1947270781819379834) 2025-07-21 12:21:47 UTC 9729 followers, 27.5K engagements


"Sequans now holds 2317 BTC and became now the largest BTC holder in France 🤯"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1947242302797127975) 2025-07-21 10:28:37 UTC 9698 followers, 11.2K engagements


"YOLO PORTFOLIO UPDATE JULY XX 2025 Project $1M: XX% complete Added more $PXI and took a tiny bit of profits to add back $SWC significantly cheaper. Also set up more profit taking orders to automate my workflow. Most of this portfolio is now in companies eh. Note: This is my strict YOLO portfolio where I deliberately push the limits. Its a small part of my net worth. I still have my big HODL positions. Dont blindly copy me"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1945233986957271318) 2025-07-15 21:28:17 UTC 9694 followers, 16.6K engagements


"@joey_cacciatore Thank you for posting this update. A great week indeed. Looking forward to the press release that confirms the deployment of the cash. Keep it up. 🔥"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1946917723910357026) 2025-07-20 12:58:52 UTC 9629 followers, 1353 engagements


"Latest Comparison of BTC Treasury Companies: $MSTR $MTPLF $SMLR $ALTBG $KULR $SWC $HOGPF $CINGF I added X new community metrics: X. # of members in the largest company specific X community X. Member conviction score: Members per day since first BTC purchase X. Members per $1B of market cap This is all still very experimental & manual. Lots of improvements and ideas in the pipeline (thank you all for so much valuable feedback). If possible always provide the source and/or detailed calculations when suggesting corrections. Follow me @RoaringRagnar so you don't miss any updates. Feedback &"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1941409142716993910) 2025-07-05 08:09:43 UTC 9632 followers, 36.7K engagements


"@EneaDenkt @saylor @IIICapital @AlexandreLaizet @Kosanovic_V @dannyfonse @Bthemoon2030 @ZynxBTC I think you need at least 5000 BTC to even consider preferreds. Not everybody will be able to get to this stage"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1945950080252420495) 2025-07-17 20:53:47 UTC 9699 followers, XXX engagements


"Latest Comparison of BTC Treasury Companies: $MSTR $MTPLF $ALTBG $SWC $HOGPF $CINGF $BLGV $PXI Change log: - Added new purchases and raises from $MTPLF $ALTBG $PXI - Added $10M CAD estimated private placement raise of $BLGV (to be announced) to have a proper comparison with $PXI This is all still very experimental & manual. Lots of improvements and ideas in the pipeline (thank you all for so much valuable feedback). If possible always provide the source and/or detailed calculations when suggesting corrections. Follow me @RoaringRagnar so you don't miss any updates. Feedback & discussion"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1945132484062073227) 2025-07-15 14:44:57 UTC 9729 followers, 82.9K engagements


"I initiated a position today in $PXI. 0.87x Forward mNAV and XXX% BTC Yield so far after X purchases. Press releases: Join this community and follow @PlanetPXI"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1944826730213974363) 2025-07-14 18:30:00 UTC 9729 followers, 15.2K engagements


"BTC denominated converts have a lot of potential. They worked wonders for $ALTBG. I would love to see @asjwebley and @Croesus_BTC (and other treasuries) to explore them. If done at a 30-40% premium to the current market price those would be highly accretive. They would also open up new pools of capital at zero credit risk for the company. OG Bitcoiners could deposit BTC and thus turn some of their stack into $SWC shares over time which could have tax benefits or get their BTC back if the conversion trigger isnt met. A beautiful instrument pioneered by @AlexandreLaizet and his team ⚡"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1941438409538507124) 2025-07-05 10:06:01 UTC 9699 followers, 2754 engagements


"@gerovich Most shares on Interactive Brokers DN3 ticker. Please help to make sure that volume increases & spreads decrease for DN3 🙏🏻"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1945868553007120682) 2025-07-17 15:29:50 UTC 9700 followers, 10.7K engagements


"Would you rather own all of Ethereum ($450B) or 3x all pure play public BTC Treasury companies (3 x $130B = $390B) and still have $60000000000 left over Crazy how incredibly undervalued BTC Treasuries are when compared to altcoins 🤯"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1947184323485938041) 2025-07-21 06:38:14 UTC 9632 followers, 3485 engagements


"$MSTR is now up XX% measured in $MTPLF. That means that for each $MSTR share you now get 1.6x the amount of $MTPLF shares compared to one month ago. This is the power of intelligent pair trading"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1945423017732931808) 2025-07-16 09:59:26 UTC 9632 followers, 16K engagements


"Bitcoin & Traditional Assets Compound Annual Growth Rates. (Source: @jackmallers Bitcoin 2025 in Las Vegas.)"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1941003537237897459) 2025-07-04 05:18:00 UTC 9699 followers, 2166 engagements


"Latest Comparison of BTC Treasury Companies: $MSTR $MTPLF $ALTBG $SWC $HOGPF $CINGF $BLGV $PXI Change log: - Added $PXI (beta) - Added all new purchases and raises - Updated community numbers This is all still very experimental & manual. Lots of improvements and ideas in the pipeline (thank you all for so much valuable feedback). If possible always provide the source and/or detailed calculations when suggesting corrections. Follow me @RoaringRagnar so you don't miss any updates. Feedback & discussion welcome"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1944885337018306757) 2025-07-14 22:22:53 UTC 9694 followers, 33K engagements


"Convertible bonds are a great way to raise cash (if done right) and are also great for the investors buying them. I especially like the BTC-denominated ones that @_ALTBG is doing. Selling converts to hedge funds who dont want to be long is over though. Preferreds are better"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1942812289930830094) 2025-07-09 05:05:20 UTC 9711 followers, 3367 engagements


"Private placements or subscription rights are the cheat code for early stage BTC Treasury Companies. Imagine if HALF the capital that we all invested was not on the open market but in form of private placements or subscriptions. Then those early stage companies could have purchased hundreds of BTC more. Let's say someone wants to invest $100K. If they buy the shares on the open market then the shares simply change hands and the company doesn't get any new capital to purchase Bitcoin. If the $100K are invested via a private placement or subscription then the company gets new capital and can"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1947217594563367120) 2025-07-21 08:50:26 UTC 9698 followers, 4794 engagements


"@chrisoc9999 Yes $ALTBG looking very solid. Especially if they can substantially increase BTC Yield in Q3 which is my expectation"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1943449700041888032) 2025-07-10 23:18:10 UTC 9628 followers, XXX engagements


"I really like the unique positioning of $STRK. You are high in the capital structure have an $X fixed dividend and healthy upside participation. A great vehicle to potentially rotate profits into basically delevering & hedging while maintaining upside potential"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1942367519622209904) 2025-07-07 23:37:58 UTC 9629 followers, 5163 engagements


"YOLO PORTFOLIO UPDATE JULY XX 2025 Project $1M: XX% complete Starting to get into a nice rhythm. Almost all treasuries are down yet my yolo account is up 5%. Rotated some profits into $MTPLF (DN3). Goal is to have a good balance between higher risk and lower risk positions. I like my $SWC and $MTPLF positions in that regard. Note: This is my strict YOLO portfolio where I deliberately push the limits. Its a small part of my net worth. I still have my big HODL positions. Dont blindly copy me"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1946272862072889453) 2025-07-18 18:16:24 UTC 9723 followers, 18.5K engagements


"@PaulAustin3w Cant agree more. Doesnt need to be a single dose. How about X trips within X months (embedded in proper therapy) as a cleansing ritual before taking on responsibility"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1947902451329171939) 2025-07-23 06:11:49 UTC 9728 followers, XXX engagements


"@hawkwala They have $XXX million in cash left ready to deploy into BTC"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1945247473556992059) 2025-07-15 22:21:53 UTC 9717 followers, XXX engagements


"BTC Treasuries Community Ranking: X. $MSTR: 33.3K members X. $MTPLF: 8.8K members X. $SWC: 3K members X. $SMLR: 2K members X. $ALTBG: 1.8K members X. $NAKA: 1.3K members X. $CINGF: 1.1K members X. H100: XXX members X. $XXI: XXX members XX. $CCCM: XXX members Note: I focused on the largest community of each company for simplicity reasons. BTC Treasuries are community driven. The companies with the largest and strongest communities have an incredible advantage. Personally I love the momentum of the $MTPLF $SWC and $ALTBG communities. They are a great blueprint of what is possible. Treasuries"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1940992596827832415) 2025-07-04 04:34:31 UTC 9696 followers, 107.8K engagements


"Its nuts what $SWC achieved in such a short period of time. 1600 BTC (+240 BTC in cash) in X months. Lets see whether they can keep up this pace"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1947189967614103692) 2025-07-21 07:00:39 UTC 9673 followers, 3689 engagements


"Latest Comparison of BTC Treasury Companies: $MSTR $MTPLF $ALTBG $SWC $HOGPF $CINGF $BLGV $PXI ⚠ BIG UPDATE (read below) Change log: - Added all new purchases and capital raises - Updated all cash balances (as well as I could) - Added fully diluted current mNAV (yellow highlight) - Added Forward P/BYD (green highlight) Discusson on P/BYD While I appreciate the new P/BYD metric by @Croesus_BTC and @asjwebley I prefer my "Forward Months to Cover" metric (highlighted in green). First it considers the Forward mNAV including the cash ready to be deployed into Bitcoin. And second it uses my Q3"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1946488914283208866) 2025-07-19 08:34:55 UTC 9729 followers, 90.1K engagements