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[@RoaringRagnar](/creator/twitter/RoaringRagnar)
"If a $XX trillion asset like gold can go parabolic you know what this means for Bitcoin. Endure the pain warriors. Glory awaits on the other side. We have seen nothing yet"  
[X Link](https://x.com/RoaringRagnar/status/1979089766084645016) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-17T07:39Z 11.8K followers, 211K engagements


"Latest Comparison of BTC Treasury Companies: $MSTR $MTPLF $ALTBG $SMLR $KULR $SWC $GME Change log: - Added BTC per day as % of current BTC stack (thank you @tylev for the feedback) This is all still very experimental & manual. Lots of improvements and ideas in the pipeline (so much valuable feedback thank you all). 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"  
[X Link](https://x.com/RoaringRagnar/status/1929527467062030538) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-06-02T13:16Z 11.8K followers, 50.6K engagements


"@21in21iscoming Yes BTC Treasury companies and ETFs like $BITC for example. The ecosystem is growing every month"  
[X Link](https://x.com/RoaringRagnar/status/1961380265445482935) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-08-29T10:47Z 11.8K followers, XXX engagements


"Latest Ragnar Comparison of BTC Treasury Companies September XX 2025: $MSTR $MTPLF $ALCPB $SWC $HOGPF Change log: - Added all new purchases and capital raises - Updated all cash and debt balances My key metric for evaluating BTC Treasury Companies is Forward Months to Cover (FMC). It's based on the Forward mNAV which assumes that all current cash is converted into BTC at the current price and my estimate of next quarter's BTC Yield. My key objective is to maximize the BTC of my personal virtual BTC Treasury company. That's why I denominate all my treasury company investments in BTC. Example:"  
[X Link](https://x.com/RoaringRagnar/status/1971645211672481913) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-09-26T18:37Z 11.8K followers, 68.2K engagements


"So far Metaplanet mined 8759 BTC this year. Thats XXX BTC per month at basically zero cost. The largest Bitcoin miners are mining around XXX BTC per month at huge capex and operational costs. Im not hating on miners in fact I made good gains with them in 2023/2024. But personally I prefer the zero-cost mining by BTC Treasury Companies. BTC Gain captures the true value creation from BTC Treasury operations. It doesnt include unrealized gains made on the rest of the stack. Dont miss the forest for the trees warriors. (I am aware that most large miners are pivoting into AI/HPC but the argument"  
[X Link](https://x.com/RoaringRagnar/status/1976298866879213656) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-09T14:49Z 11.8K followers, 44.5K engagements


"Ok Mafia. Give me your thesis. Why should I buy CLSK IREN or CIFR at these levels as compared to Metaplanet"  
[X Link](https://x.com/RoaringRagnar/status/1976310853390463123) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-09T15:36Z 11.8K followers, 34.6K engagements


"The three most important points from todays Metaplanet announcement. Especially that the MSW program can be resumed at any time"  
[X Link](https://x.com/RoaringRagnar/status/1976589792071848371) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-10T10:05Z 11.8K followers, 7080 engagements


"Michael Saylor's Masterclass on Bitcoin Volatility: (Very fitting today.) "Volatility is a gift to the faithful. It scares away the tourist it scares away the lazy it scares away the people that are already conventionally rich that have all the money. If you're a XX something or a XX something and you're willing to do the work if you were willing to spend a hundred hours or XXX hours if you have more time than money then the volatility of Bitcoin is a gift to you. If you have more money than time and you're arrogant and egotistical and and you just pick the obvious then if the volatility goes"  
[X Link](https://x.com/RoaringRagnar/status/1976766296361464236) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-10T21:46Z 11.8K followers, 19.7K engagements


"Latest Ragnar Comparison of BTC Treasury Companies October XX 2025: $MSTR $MTPLF $ALCPB $SWC $HOGPF Change log: - Added all new purchases and capital raises - Updated all cash and debt balances - Added Q4 BTC Yield - Updated Q4 BTC Yield estimates for more accurate FMC calculations My key metric for evaluating BTC Treasury Companies is Forward Months to Cover (FMC). It's based on the Forward mNAV which assumes that all current cash is converted into BTC at the current price and my estimate of next quarter's BTC Yield. My key objective is to maximize the BTC of my personal virtual BTC Treasury"  
[X Link](https://x.com/RoaringRagnar/status/1977620760995770558) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-13T06:21Z 11.8K followers, 49.9K engagements


"Q3 BTC Yield Ranking (Final Score) October XX 2025 X. H100: XXXXX% X. SWC: XXXXX% X. MTPLF: XX% X. ALCPB: XXXX% X. MSTR: XXX% This is the final score for Q3 2025 using the same calculation method for all companies which might slighly defer from their official numbers. I use fully diluted share counts including warrants. Great job to all companies. Now the scores reset for Q4. Let's see who will be able to beat their Q3 numbers 🔥 @Sanderandersenn @btc_overflow @asjwebley @Croesus_BTC @AlexandreLaizet @_ChaitanyaJ @saylor"  
[X Link](https://x.com/RoaringRagnar/status/1977626417773814175) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-13T06:44Z 11.8K followers, 3909 engagements


"Let's all use consistent mNAV and BTC Yield calculation methods. I noticed that mNAV and BTC Yield calculation methods are not consistent across the major Bitcoin Treasury Companies. Strategy and Metaplanet are using the enterprise value as a basis to calculate basic mNAV. Capital B SWC and H100 are using the market cap instead of enterprise value. Also Strategy and Metaplanet are using the true fully diluted share count for BTC Yield calculation including all warrants options and other potential shares. SWC for example don't include the 96M of warrants in their fully diluted share count. I"  
[X Link](https://x.com/RoaringRagnar/status/1977629613632180283) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-13T06:56Z 11.8K followers, 25.4K engagements


"Months to Cover Ranking October XX 2025 X. SWC: XXX months X. ALCPB: XXX months X. MTPLF: XXX months X. H100: XXX months X. MSTR: XXXX months My key metric for evaluating BTC Treasury Companies is Forward Months to Cover (FMC). It's based on the Forward mNAV which assumes that all current cash is converted into BTC at the current price and my estimate of the next quarter's BTC Yield. @DylanLeClair_ @gerovich @asjwebley @Croesus_BTC @Sanderandersenn @btc_overflow @saylor @ZynxBTC"  
[X Link](https://x.com/RoaringRagnar/status/1977635490137301114) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-13T07:20Z 11.8K followers, 7937 engagements


"@mikealfred The Golden X will do very well. Especially Metaplanet"  
[X Link](https://x.com/RoaringRagnar/status/1977756392367735253) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-13T15:20Z 11.8K followers, 3862 engagements


"My Metaplanet thesis still holds. Metaplanet is up XXX% in the past year while their mNAV compressed to 0.99x. Yet people treat Bitcoin Treasuries as if they were dead and would never buy a single Bitcoin ever again"  
[X Link](https://x.com/RoaringRagnar/status/1978082051182981429) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-14T12:54Z 11.8K followers, 21.4K engagements


"BTC Treasury investors these days. Its lonely out here"  
[X Link](https://x.com/RoaringRagnar/status/1978734030058082714) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-16T08:05Z 11.8K followers, 27.6K engagements


"Yesterday was microdosing day. Again stacked it with Niacin (Vit B3) and Lions Mane. Went outside to nature and did some deep thinking. The quote below rang true"  
[X Link](https://x.com/RoaringRagnar/status/1979066722599477559) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-17T06:07Z 11.8K followers, 7005 engagements


"Bitcoin Treasury investors waiting for Uptober"  
[X Link](https://x.com/RoaringRagnar/status/1979070190643007985) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-17T06:21Z 11.8K followers, 5244 engagements


"Great to see Atai raising $100M+ to advance their mission to heal the world. Lets go @C_Angermayer 💪🏻"  
[X Link](https://x.com/RoaringRagnar/status/1979096133398888896) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-17T08:04Z 11.8K followers, 1768 engagements


"ATAI received FDA Breakthrough Therapy Designation for 5-MeO-DMT and successfully raised $130M. This is really good news"  
[X Link](https://x.com/RoaringRagnar/status/1979279237673894277) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-17T20:11Z 11.8K followers, 3490 engagements


"I havent touched my steering wheel in two days. This is Teslas ChatGPT moment"  
[X Link](https://x.com/RoaringRagnar/status/1979302463082483890) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-17T21:44Z 11.8K followers, 3747 engagements


"The ATH of BTC measured in Gold was 40.75x ounces of Gold in Dec 2024. Right now were at 32.14x. So the ATH in Gold will be at $158K. Also keep in mind that the US Dollar is down XX% year to date. Its amazing that were at $125K and sentiment is in bear market territory. Were really just getting warmed up here. $200K until year end is absolutely doable"  
[X Link](https://x.com/RoaringRagnar/status/1974753268627591180) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-05T08:27Z 11.8K followers, 25.2K engagements


"Average BTC Treasury investor waiting for spring to return"  
[X Link](https://x.com/RoaringRagnar/status/1976615685565669494) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-10T11:47Z 11.8K followers, 19K engagements


"When in doubt zoom out. Building and running infrastructure is not an easy business. Its capital and labor intensive. I prefer leveraging capital markets with super small specialized teams. Here the 5Y returns of IREN MTPLF and MSTR:"  
[X Link](https://x.com/RoaringRagnar/status/1976648258866098210) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-10T13:57Z 11.8K followers, 5421 engagements


"Robinhood dipped to $102499 🤯"  
[X Link](https://x.com/RoaringRagnar/status/1976769158626136361) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-10T21:57Z 11.8K followers, 4368 engagements


"Global Liquidity at a new record high. Focus on what matters. Thank you Michael Howell (@crossbordercap)"  
[X Link](https://x.com/RoaringRagnar/status/1977326177200292157) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-12T10:51Z 11.8K followers, 7292 engagements


"@mikealfred @DeepValueBagger @Micro2Macr0 Holding 2M+ shares and not going anywhere"  
[X Link](https://x.com/RoaringRagnar/status/1978098028905955837) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-14T13:58Z 11.8K followers, XXX engagements


"Bitcoin has not only been flat but actually down in real terms in the past XX months. Why Because the US Dollar lost value in the mean time. I think that's where the root of the frustration lies in the Bitcoin space"  
[X Link](https://x.com/RoaringRagnar/status/1978907266452533565) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-16T19:33Z 11.8K followers, 8497 engagements


"Heres a reminder that not everything goes up in a straight line not even AI stocks. Also you never know whether this is just a dip or if its the start towards the dip of the dippity dip dip and beyond. The first few dips are always fun but if the dips keep dipping the fun turns into agony pretty quickly. Lets hang in there warriors"  
[X Link](https://x.com/RoaringRagnar/status/1978912096260657424) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-16T19:53Z 11.8K followers, 12.4K engagements


"Trading volume as a % of market cap: KULR TECHNOLOGY XXXXX% METAPLANET INC XXXXX% SEMLER SCIENTIFI XXXX% BITMAX CO LTD XXXX% REMIXPOINT INC XXXX% K33 AB XXXX% COINSILIUM GROUP XXXX% ANAP HOLDINGS IN XXXX% MICROSTRATEGY XXXX% BLOCKCHAIN GROUP XXXX% H100 GROUP AB XXXX% VALUE CREATION C XXXX% THE SMARTER WEB XXXX% DDC ENTERPRISE-A XXXX% MELIUZ SA-ON XXXX% CANGO INC/KY-ADR XXXX% MOON INC 0.22%"  
[X Link](https://x.com/RoaringRagnar/status/1938004842435260712) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-06-25T22:42Z 11.7K followers, 12.5K 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"  
[X Link](https://x.com/RoaringRagnar/status/1939647769116860576) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-06-30T11:30Z 11.8K followers, 37.1K engagements


"Is Metaplanet waiting with the announcement until Oct X to boost their Q4 BTC Yield 🤔 Any other theories why they havent made an announcement today"  
[X Link](https://x.com/RoaringRagnar/status/1972606279739998670) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-09-29T10:16Z 11.7K followers, 15.6K engagements


"Metaplanet surpasses $XXX million in unrealized profits. Probably nothing"  
[X Link](https://x.com/RoaringRagnar/status/1975195773295018144) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-06T13:45Z 11.7K followers, 22.6K engagements


"$NAKA priorities from their newsletter. Especially the generate delta-neutral yield is interesting. Anyone have details on that @ZynxBTC @Bthemoon2030 @EneaDenkt"  
[X Link](https://x.com/RoaringRagnar/status/1975601584643187000) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-07T16:38Z 11.7K followers, 2874 engagements


"Congrats to Oranje for going public"  
[X Link](https://x.com/RoaringRagnar/status/1975625841012031571) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-07T18:14Z 11.8K followers, 2947 engagements


"@DylanLeClair_ @Malikas_Friend @satoshi132009 @TSLAish @Silverback82804 @HewadGhani @airmanRL4 @Han_Akamatsu @gerovich @adam3us @saylor @Metaplanet_JP @BTCBULLRIDER @HermesLux @Bitcoin_Baddie_ @CompliantDegen Thank you Dylan. I have full trust in you and the Metaplanet team. Would appreciate an answer here though 🙏🏻"  
[X Link](https://x.com/RoaringRagnar/status/1975681384082547098) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-07T21:55Z 11.7K followers, 5868 engagements


"Look at the signal and ignore the noise. Yesterday another $440M in Bitcoin ETF inflows"  
[X Link](https://x.com/RoaringRagnar/status/1976227982558814295) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-09T10:07Z 11.8K followers, 4172 engagements


"The gold frenzy is getting crazy. If anything you want to be a seller not a buyer these days. Sell gold buy Bitcoin. The easiest rotation you can make"  
[X Link](https://x.com/RoaringRagnar/status/1978877156814893511) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-16T17:34Z 11.7K followers, 6501 engagements


"Gold has now outperformed the Nasdaq over the past X years. We live in insane times"  
[X Link](https://x.com/RoaringRagnar/status/1978883000545759709) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-16T17:57Z 11.7K followers, 10.5K engagements


"The only thing green today is the VIX lol 😂"  
[X Link](https://x.com/RoaringRagnar/status/1978921411864379605) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-16T20:30Z 11.8K followers, 4709 engagements


"Microdosing day. 😊 Following Paul Stamets recommendation and combined my shrooms with Lions Mane and Niacin (Vit B3) today"  
[X Link](https://x.com/RoaringRagnar/status/1977687822577602661) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-13T10:48Z 11.8K followers, 1601 engagements


"Hard to believe that this is a Bitcoin company. Behaves like a shitty memecoin. For the record I believe that Naka and Strive will be fine and thrive long-term. But holy shit. We need to learn from this lol 😂"  
[X Link](https://x.com/RoaringRagnar/status/1977728972453535787) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-13T13:31Z 11.8K followers, 19.8K engagements


"@ZynxBTC @DylanLeClair_ @gerovich Thank you for asking this as well. Unfortunately I still dont know where those shares come from"  
[X Link](https://x.com/RoaringRagnar/status/1977807568660775312) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-13T18:44Z 11.8K followers, 1705 engagements


"Incredible that people were bullish at 5x mNAV and were buying. Yet the same people are selling at 1x mNAV. Prominent people in the space are giving up every day. Now even doubting Bitcoin itself. I am not. I am also not interested in babysitting you. Either you have conviction or you dont. Just remember to be greedy when people are fearful and fearful when people are greedy. Humans are emotional animals. Remember this"  
[X Link](https://x.com/RoaringRagnar/status/1978027396092612746) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-14T09:17Z 11.8K followers, 37.4K engagements


"Bitcoin Treasury companies explained"  
[X Link](https://x.com/RoaringRagnar/status/1978772517889229023) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-16T10:38Z 11.8K followers, 7969 engagements


"@Micro2Macr0 My tradingview has looked like this for months now 😂"  
[X Link](https://x.com/RoaringRagnar/status/1978913688884048083) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-16T19:59Z 11.8K followers, 1438 engagements


"I own some physical gold in cold storage. I think the time has come to dig it out and sell it. Its so out of mind that I even forgot I own it. Made a clean 3x on it. Not bad"  
[X Link](https://x.com/RoaringRagnar/status/1979284375205183587) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-17T20:32Z 11.8K followers, 5033 engagements


"@asjwebley Very much appreciate these continued updates especially in difficult times. I also want to thank you for listening to my feedback regarding the analytics/metrics. I continue to be a SWC supporter and shareholder"  
[X Link](https://x.com/RoaringRagnar/status/1979450482922824164) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-18T07:32Z 11.8K followers, 1577 engagements


"@The_Street_Man No need for a freezer in the north 😂"  
[X Link](https://x.com/RoaringRagnar/status/1979450687667769404) [@RoaringRagnar](/creator/x/RoaringRagnar) 2025-10-18T07:33Z 11.8K followers, XX engagements