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[@RoaringRagnar](/creator/twitter/RoaringRagnar)
"@mrbasedy Bought private shares on the secondary market"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1948881089197474212) 2025-07-25 23:00:34 UTC 9791 followers, XX engagements


"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 9786 followers, 4590 engagements


"Latest Comparison of BTC Treasury Companies: $MSTR $MTPLF $SMLR $ALTBG $KULR $SWC $HOGPF $CINGF I am constantly looking for the best metrics to compare BTC treasury companies. Today I added X new experimental metrics: X. Torque adjusted BTC Yield as proposed by @AdamBLiv. Gives the BTC Yield per unit of mNAV (beta) X. Incremental BTC required as suggested by @EmtbRob = extra BTC that must be accumulated during the Days-to-Cover window in order to drive Forward mNAV down to X with BTC price staying constant (beta) X. Incremental Capital Required = incremental BTC required multiplied by current"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1941224456904638563) 2025-07-04 19:55:51 UTC 9788 followers, 29.8K 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 9788 followers, 2686 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 9791 followers, 91.3K 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 9757 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 9781 followers, 2591 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 9756 followers, 71.7K engagements


"BTC Treasury Companies have the sole focus of maximizing BTC per share. GME is just a company that happens to own a bunch of Bitcoin. Not the same thing"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1948840553346728030) 2025-07-25 20:19:30 UTC 9799 followers, 2381 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 9799 followers, 29.3K 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 9791 followers, 14K 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 9799 followers, 36.9K 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 9798 followers, 41.2K 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 9797 followers, 57.1K engagements


"🚫 Things of the past: Mortgage-backed securities (MBS) Collateralized Debt Obligations (CDOs) Collateralized Loan Obligations (CLOs) Collateralized Bond Obligations (CBOs) Insurance-Linked Securities ✅ The future: Bitcoin-backed securities (BBS) We have no idea how big of a tsunami of capital is going to flow into Bitcoin. This battle is just getting started. ⚔"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1949172954639585617) 2025-07-26 18:20:20 UTC 9799 followers, 1166 engagements


"This 1-month chart for $CINGF is brutal. Seems like the honeymoon phase of the latest batch of BTC Treasuries is over. But lets all remember that companies that hold Bitcoin are self-healing. Thats the beauty of this business. It just might take a little while. And I do hope that @btcjvs and team still have some cards up their sleeves and that they wont simply fold and give up. The foundations for success are laid in challenging times"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1947695385973035470) 2025-07-22 16:29:01 UTC 9791 followers, 18.5K 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 9795 followers, 31.3K engagements


"Capital raising is the #1 job of every BTC Treasury. I think it would be a great approach to build a team of pro capital raisers. Think ex Goldman bankers. Think the Blackrock sales team. Why hasnt anyone done that yet"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1948676647110279598) 2025-07-25 09:28:11 UTC 9799 followers, 31K 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 9799 followers, 15.6K 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 9749 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 9799 followers, 34.5K 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 9763 followers, 4361 engagements


"Latest Comparison of BTC Treasury Companies: $MSTR $MTPLF $SMLR $ALTBG $KULR $SWC $HOGPF $CINGF Change log: - Added latest $MTPLF purchase - Added latest $SMLR purchase - Added latest $ALTBG purchase - Added latest $SWC purchase - Added latest $CINGF purchase Note: This is just a quick update so please expect mistakes. I didn't have time to properly double check everything as it's getting quite complex. Will do it later. Just wanted to get this out there. This is all still very experimental & manual. Lots of improvements and ideas in the pipeline (thank you all for so much valuable feedback)."  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1942218618684461191) 2025-07-07 13:46:18 UTC 9797 followers, 64.6K engagements


"$SWC adds XXX BTC and is on Rank #26 now on the B100 🔥"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1948637632180953446) 2025-07-25 06:53:10 UTC 9799 followers, 9158 engagements


"Ok the $MSTR ATM discussion needs to be a bit more nuanced. Of course the ATM adds selling pressure. But the reality is that equity raises have been the premier tool of this business model. (see screenshots below) Without the ATM no XX% BTC Yield last year. Without the ATM no XXXX% BTC Yield year to date. Would you prefer no ATM and only X% BTC Yield to date Would that really help sentiment and the mNAV Heres what it comes down to: (1) Its all about BTC Yield. You have to keep the juice flowing. When BTC Yield stops the model gets stuck and mNAV collapses because sentiment collapses. (2) mNAV"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1949034814167830662) 2025-07-26 09:11:25 UTC 9799 followers, 5415 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 9763 followers, 67.6K 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 9798 followers, 11.3K engagements


"Excellent guide for HNWI and institutional investors who want to invest into BTC Treasuries 👇🏻"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1946166418556260773) 2025-07-18 11:13:26 UTC 9746 followers, 3406 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 9793 followers, 36.8K engagements


"Semler surpassed 5000 BTC. Not many treasuries will achieve this. And I suspect that $SMLR is just getting started. Hats off to @SemlerEric and team. 🔥"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1948434417317257564) 2025-07-24 17:25:39 UTC 9795 followers, 7268 engagements


"Currently there are XXX publicly listed companies with Bitcoin on their Balance sheet. Until the year-end I predict XXX and within XX months I predict 1000. Here's Volcon who want to raise $XXX million with a private placement now and $X billion through an ATM later. BTC Treasuries are on fire. 🔥"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1945854507835072824) 2025-07-17 14:34:01 UTC 9783 followers, 4262 engagements


"What is an acceptable BTC Yield Its a great question. And heres how I think about it. Metaplanet is my hurdle rate for my growth portfolio. Strategy is the hurdle rate for my safety portfolio. Long-term I think I want to see 15-25% BTC Yield per year. But maybe well be lucky if we get 10%. We shall see. Whats an acceptable yield to you Reply below. 👇🏻"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1949052488524398602) 2025-07-26 10:21:39 UTC 9799 followers, 2975 engagements


"The momentum is insane: $MTPLF adds 2205 BTC and now holds 15555 BTC $SWC adds XXX BTC and now holds 1000 BTC $ALTBG adds XXX BTC and now holds 1904 BTC $CINGF adds XXXX BTC and now holds XXXXX BTC Lets fucking go warriors ⚔🚀"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1942167682469532134) 2025-07-07 10:23:53 UTC 9783 followers, 43.9K engagements


"Ragnar Treasury is pleased to announce that it has performed the following operations today: Added shares of $SWC Added shares of $CINGF Added shares of Nakiki (WDL1) I will now get to work to update my comparison sheet"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1943350056758767662) 2025-07-10 16:42:13 UTC 9783 followers, 8646 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 9797 followers, 88.1K 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 9798 followers, 15.4K engagements


"Theres the notion that the BTC on the balance sheet at pure play treasuries is dead capital and not at work. This cant be further from the truth. All 600000+ BTC at Strategy are at work and all 16000+ BTC at Metaplanet are at work. They are the engine of the whole thing. Without this capital the playbook couldnt work. The result Metaplanet generated XXX% of increase in BTC per share in Q2 alone. This is the yield above and beyond the BTC appreciation. So you cant just buy IBIT and replicate this. Its true BTC yield. Honest question for operating businesses: Do you see a path for your"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1948862833183076652) 2025-07-25 21:48:02 UTC 9799 followers, 6738 engagements


"I think it deserves its own point. The whole point of investing into BTC Treasuries is to outperform Bitcoin. And the metric to capture that is BTC Yield. If Strategy falls to X% BTC Yield per year and stays there all the other factors will not matter and I will exit my position. Their moat is only as valuable as the BTC Yield (and BTC Value) they can generate long term"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1949037970113138712) 2025-07-26 09:23:58 UTC 9799 followers, XXX engagements


"Ragnar Treasury has tapped the $MSTR ATM and is now holding: 420K shares of $SWC 730K shares of $CINGF 200K shares of Vaultz The time to be greedy is when others are fearful"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1942198898526654710) 2025-07-07 12:27:56 UTC 9783 followers, 15.8K 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 9782 followers, 10.7K engagements


"@sunnydecree Can you share your main conclusions in English here on X"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1948682910451859459) 2025-07-25 09:53:05 UTC 9799 followers, 2999 engagements


"@PaulAustin3w Amazing. Hopefully more countries will follow this example 🔥"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1946334859703509417) 2025-07-18 22:22:46 UTC 9766 followers, XXX 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 9744 followers, 16K engagements


"Who will be the Mag7 of Bicoin Maybe we can call them the X. Strategy Metaplanet Smarter Web () Twenty One () CEPO () Who else"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1946115392499302467) 2025-07-18 07:50:41 UTC 9776 followers, 26.9K engagements


"@Adrian_R_Morris You forgot an important one: BTC Yield. Forward BTC Yield + Forward mNAV = Forward Months to Cover (FMC) Which is the most important metric to evaluate BTC Treasuries in my opinion"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1949034369454096573) 2025-07-26 09:09:39 UTC 9799 followers, XXX 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 9788 followers, 33.1K engagements


"Latest Comparison of BTC Treasury Companies: $MSTR $MTPLF $SMLR $ALTBG $KULR $SWC $HOGPF $CINGF Change log: - Added $CINGF (beta) 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/1941142912856653897) 2025-07-04 14:31:49 UTC 9758 followers, 65.8K engagements


"Holding spot BTC (native or $IBIT) is the ultimate freedom tool. By doing that you delegate all the hard work to the global Bitcoin ecosystem. Tens of thousands of people working everyday to strengthen the network. To raise capital to deploy into Bitcoin. To search the $X quadrillion in global assets for arbitrage opportunities. To build the necessary infrastructure of wallets and financial instruments. No need to analyze companies. No need for due diligence. No need for all the stress. So heres an idea: Just hodl Bitcoin and enjoy life. Go to the beach. Have fun. At least for a portion of"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1948647973988045197) 2025-07-25 07:34:15 UTC 9799 followers, 2735 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 9764 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 9782 followers, 5174 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 9789 followers, 107.8K engagements


"Here's my comparison with $CINGF included. (Beta) I really like the XXXX Forward mNAV and the XXX months to cover based on the 30-day BTC Yield. Happy to announce that I now hold 500K shares 🫡 Thank you to @DunderHodl for the amazing tracker. @btcjvs @ZynxBTC 👇🏻"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1941144832518562018) 2025-07-04 14:39:27 UTC 9747 followers, 23K 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 9777 followers, 3720 engagements


"It boggles the mind why not all car companies do it exactly like this. Why make it easy when you can make it complicated 😂"  
![@RoaringRagnar Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1874841959916806144.png) [@RoaringRagnar](/creator/x/RoaringRagnar) on [X](/post/tweet/1948841228839076270) 2025-07-25 20:22:11 UTC 9799 followers, 2141 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 9799 followers, 100.8K engagements


"Latest Comparison of BTC Treasury Companies: $MSTR $MTPLF $ALTBG $SWC $HOGPF $CINGF $BLGV Change log: - Added $BLGV (beta) - Fixed small small bugs and inconsistencies 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/1943788864297975953) 2025-07-11 21:45:53 UTC 9797 followers, 42.9K 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.]

@RoaringRagnar "@mrbasedy Bought private shares on the secondary market"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-25 23:00:34 UTC 9791 followers, XX engagements

"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 @RoaringRagnar on X 2025-07-07 13:07:58 UTC 9786 followers, 4590 engagements

"Latest Comparison of BTC Treasury Companies: $MSTR $MTPLF $SMLR $ALTBG $KULR $SWC $HOGPF $CINGF I am constantly looking for the best metrics to compare BTC treasury companies. Today I added X new experimental metrics: X. Torque adjusted BTC Yield as proposed by @AdamBLiv. Gives the BTC Yield per unit of mNAV (beta) X. Incremental BTC required as suggested by @EmtbRob = extra BTC that must be accumulated during the Days-to-Cover window in order to drive Forward mNAV down to X with BTC price staying constant (beta) X. Incremental Capital Required = incremental BTC required multiplied by current"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-04 19:55:51 UTC 9788 followers, 29.8K engagements

"Fantastic news from Czechia legalizing psilocybin"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-18 22:24:01 UTC 9788 followers, 2686 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 @RoaringRagnar on X 2025-07-10 19:22:48 UTC 9791 followers, 91.3K engagements

"The Ragnar Universe is now holding 405K shares of $SWC. Added 55K at XXXX. 🫡"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-03 09:44:06 UTC 9757 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 @RoaringRagnar on X 2025-07-10 23:21:55 UTC 9781 followers, 2591 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 @RoaringRagnar on X 2025-07-11 10:26:29 UTC 9756 followers, 71.7K engagements

"BTC Treasury Companies have the sole focus of maximizing BTC per share. GME is just a company that happens to own a bunch of Bitcoin. Not the same thing"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-25 20:19:30 UTC 9799 followers, 2381 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 @RoaringRagnar on X 2025-07-22 07:27:07 UTC 9799 followers, 29.3K 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 @RoaringRagnar on X 2025-07-11 09:30:35 UTC 9791 followers, 14K 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 @RoaringRagnar on X 2025-07-22 18:30:51 UTC 9799 followers, 36.9K 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 @RoaringRagnar on X 2025-07-19 13:22:29 UTC 9798 followers, 41.2K 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 @RoaringRagnar on X 2025-07-11 09:10:57 UTC 9797 followers, 57.1K engagements

"🚫 Things of the past: Mortgage-backed securities (MBS) Collateralized Debt Obligations (CDOs) Collateralized Loan Obligations (CLOs) Collateralized Bond Obligations (CBOs) Insurance-Linked Securities ✅ The future: Bitcoin-backed securities (BBS) We have no idea how big of a tsunami of capital is going to flow into Bitcoin. This battle is just getting started. ⚔"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-26 18:20:20 UTC 9799 followers, 1166 engagements

"This 1-month chart for $CINGF is brutal. Seems like the honeymoon phase of the latest batch of BTC Treasuries is over. But lets all remember that companies that hold Bitcoin are self-healing. Thats the beauty of this business. It just might take a little while. And I do hope that @btcjvs and team still have some cards up their sleeves and that they wont simply fold and give up. The foundations for success are laid in challenging times"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-22 16:29:01 UTC 9791 followers, 18.5K engagements

"BTC Treasuries Community Ranking July XX 2025 Link to spreadsheet:"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-14 21:48:26 UTC 9795 followers, 31.3K engagements

"Capital raising is the #1 job of every BTC Treasury. I think it would be a great approach to build a team of pro capital raisers. Think ex Goldman bankers. Think the Blackrock sales team. Why hasnt anyone done that yet"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-25 09:28:11 UTC 9799 followers, 31K engagements

"Can anyone summarize the $SQNS thesis for me I cant keep up with all those companies"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-21 10:30:45 UTC 9799 followers, 15.6K engagements

"@AlexandreLaizet @_ALTBG 2000 BTC in reach 🔥"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-21 06:10:55 UTC 9749 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 @RoaringRagnar on X 2025-07-23 12:22:15 UTC 9799 followers, 34.5K 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 @RoaringRagnar on X 2025-07-21 08:27:03 UTC 9763 followers, 4361 engagements

"Latest Comparison of BTC Treasury Companies: $MSTR $MTPLF $SMLR $ALTBG $KULR $SWC $HOGPF $CINGF Change log: - Added latest $MTPLF purchase - Added latest $SMLR purchase - Added latest $ALTBG purchase - Added latest $SWC purchase - Added latest $CINGF purchase Note: This is just a quick update so please expect mistakes. I didn't have time to properly double check everything as it's getting quite complex. Will do it later. Just wanted to get this out there. This is all still very experimental & manual. Lots of improvements and ideas in the pipeline (thank you all for so much valuable feedback)."
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-07 13:46:18 UTC 9797 followers, 64.6K engagements

"$SWC adds XXX BTC and is on Rank #26 now on the B100 🔥"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-25 06:53:10 UTC 9799 followers, 9158 engagements

"Ok the $MSTR ATM discussion needs to be a bit more nuanced. Of course the ATM adds selling pressure. But the reality is that equity raises have been the premier tool of this business model. (see screenshots below) Without the ATM no XX% BTC Yield last year. Without the ATM no XXXX% BTC Yield year to date. Would you prefer no ATM and only X% BTC Yield to date Would that really help sentiment and the mNAV Heres what it comes down to: (1) Its all about BTC Yield. You have to keep the juice flowing. When BTC Yield stops the model gets stuck and mNAV collapses because sentiment collapses. (2) mNAV"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-26 09:11:25 UTC 9799 followers, 5415 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 @RoaringRagnar on X 2025-05-26 13:46:55 UTC 9763 followers, 67.6K engagements

"Sequans now holds 2317 BTC and became now the largest BTC holder in France 🤯"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-21 10:28:37 UTC 9798 followers, 11.3K engagements

"Excellent guide for HNWI and institutional investors who want to invest into BTC Treasuries 👇🏻"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-18 11:13:26 UTC 9746 followers, 3406 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 @RoaringRagnar on X 2025-07-05 08:09:43 UTC 9793 followers, 36.8K engagements

"Semler surpassed 5000 BTC. Not many treasuries will achieve this. And I suspect that $SMLR is just getting started. Hats off to @SemlerEric and team. 🔥"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-24 17:25:39 UTC 9795 followers, 7268 engagements

"Currently there are XXX publicly listed companies with Bitcoin on their Balance sheet. Until the year-end I predict XXX and within XX months I predict 1000. Here's Volcon who want to raise $XXX million with a private placement now and $X billion through an ATM later. BTC Treasuries are on fire. 🔥"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-17 14:34:01 UTC 9783 followers, 4262 engagements

"What is an acceptable BTC Yield Its a great question. And heres how I think about it. Metaplanet is my hurdle rate for my growth portfolio. Strategy is the hurdle rate for my safety portfolio. Long-term I think I want to see 15-25% BTC Yield per year. But maybe well be lucky if we get 10%. We shall see. Whats an acceptable yield to you Reply below. 👇🏻"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-26 10:21:39 UTC 9799 followers, 2975 engagements

"The momentum is insane: $MTPLF adds 2205 BTC and now holds 15555 BTC $SWC adds XXX BTC and now holds 1000 BTC $ALTBG adds XXX BTC and now holds 1904 BTC $CINGF adds XXXX BTC and now holds XXXXX BTC Lets fucking go warriors ⚔🚀"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-07 10:23:53 UTC 9783 followers, 43.9K engagements

"Ragnar Treasury is pleased to announce that it has performed the following operations today: Added shares of $SWC Added shares of $CINGF Added shares of Nakiki (WDL1) I will now get to work to update my comparison sheet"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-10 16:42:13 UTC 9783 followers, 8646 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 @RoaringRagnar on X 2025-07-15 14:44:57 UTC 9797 followers, 88.1K 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 @RoaringRagnar on X 2025-07-14 18:30:00 UTC 9798 followers, 15.4K engagements

"Theres the notion that the BTC on the balance sheet at pure play treasuries is dead capital and not at work. This cant be further from the truth. All 600000+ BTC at Strategy are at work and all 16000+ BTC at Metaplanet are at work. They are the engine of the whole thing. Without this capital the playbook couldnt work. The result Metaplanet generated XXX% of increase in BTC per share in Q2 alone. This is the yield above and beyond the BTC appreciation. So you cant just buy IBIT and replicate this. Its true BTC yield. Honest question for operating businesses: Do you see a path for your"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-25 21:48:02 UTC 9799 followers, 6738 engagements

"I think it deserves its own point. The whole point of investing into BTC Treasuries is to outperform Bitcoin. And the metric to capture that is BTC Yield. If Strategy falls to X% BTC Yield per year and stays there all the other factors will not matter and I will exit my position. Their moat is only as valuable as the BTC Yield (and BTC Value) they can generate long term"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-26 09:23:58 UTC 9799 followers, XXX engagements

"Ragnar Treasury has tapped the $MSTR ATM and is now holding: 420K shares of $SWC 730K shares of $CINGF 200K shares of Vaultz The time to be greedy is when others are fearful"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-07 12:27:56 UTC 9783 followers, 15.8K engagements

"@gerovich Most shares on Interactive Brokers DN3 ticker. Please help to make sure that volume increases & spreads decrease for DN3 🙏🏻"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-17 15:29:50 UTC 9782 followers, 10.7K engagements

"@sunnydecree Can you share your main conclusions in English here on X"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-25 09:53:05 UTC 9799 followers, 2999 engagements

"@PaulAustin3w Amazing. Hopefully more countries will follow this example 🔥"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-18 22:22:46 UTC 9766 followers, XXX 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 @RoaringRagnar on X 2025-07-16 09:59:26 UTC 9744 followers, 16K engagements

"Who will be the Mag7 of Bicoin Maybe we can call them the X. Strategy Metaplanet Smarter Web () Twenty One () CEPO () Who else"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-18 07:50:41 UTC 9776 followers, 26.9K engagements

"@Adrian_R_Morris You forgot an important one: BTC Yield. Forward BTC Yield + Forward mNAV = Forward Months to Cover (FMC) Which is the most important metric to evaluate BTC Treasuries in my opinion"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-26 09:09:39 UTC 9799 followers, XXX 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 @RoaringRagnar on X 2025-07-14 22:22:53 UTC 9788 followers, 33.1K engagements

"Latest Comparison of BTC Treasury Companies: $MSTR $MTPLF $SMLR $ALTBG $KULR $SWC $HOGPF $CINGF Change log: - Added $CINGF (beta) 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 @RoaringRagnar on X 2025-07-04 14:31:49 UTC 9758 followers, 65.8K engagements

"Holding spot BTC (native or $IBIT) is the ultimate freedom tool. By doing that you delegate all the hard work to the global Bitcoin ecosystem. Tens of thousands of people working everyday to strengthen the network. To raise capital to deploy into Bitcoin. To search the $X quadrillion in global assets for arbitrage opportunities. To build the necessary infrastructure of wallets and financial instruments. No need to analyze companies. No need for due diligence. No need for all the stress. So heres an idea: Just hodl Bitcoin and enjoy life. Go to the beach. Have fun. At least for a portion of"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-25 07:34:15 UTC 9799 followers, 2735 engagements

"@chrisoc9999 Yes $ALTBG looking very solid. Especially if they can substantially increase BTC Yield in Q3 which is my expectation"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-10 23:18:10 UTC 9764 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 @RoaringRagnar on X 2025-07-07 23:37:58 UTC 9782 followers, 5174 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 @RoaringRagnar on X 2025-07-04 04:34:31 UTC 9789 followers, 107.8K engagements

"Here's my comparison with $CINGF included. (Beta) I really like the XXXX Forward mNAV and the XXX months to cover based on the 30-day BTC Yield. Happy to announce that I now hold 500K shares 🫡 Thank you to @DunderHodl for the amazing tracker. @btcjvs @ZynxBTC 👇🏻"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-04 14:39:27 UTC 9747 followers, 23K 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 @RoaringRagnar on X 2025-07-21 07:00:39 UTC 9777 followers, 3720 engagements

"It boggles the mind why not all car companies do it exactly like this. Why make it easy when you can make it complicated 😂"
@RoaringRagnar Avatar @RoaringRagnar on X 2025-07-25 20:22:11 UTC 9799 followers, 2141 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 @RoaringRagnar on X 2025-07-19 08:34:55 UTC 9799 followers, 100.8K engagements

"Latest Comparison of BTC Treasury Companies: $MSTR $MTPLF $ALTBG $SWC $HOGPF $CINGF $BLGV Change log: - Added $BLGV (beta) - Fixed small small bugs and inconsistencies 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 @RoaringRagnar on X 2025-07-11 21:45:53 UTC 9797 followers, 42.9K engagements

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