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![RoaringRagnar Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1874841959916806144.png) Ragnar [@RoaringRagnar](/creator/twitter/RoaringRagnar) on x 9939 followers
Created: 2025-06-25 21:51:35 UTC

Latest Comparison of BTC Treasury Companies:
$MSTR, $MTPLF, $SMLR, $ALTBG, $KULR, $SWC

Change log: 
- [NEW] Added Forward mNAV = assumes that all cash is converted into BTC at current BTC price (currently applied to MTPLF/ALTBG/SWC) 
- Added latest $SWC purchase
- Added latest $ALTBG capital raise
- Added latest $MTPLF debt repayment

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!

![](https://pbs.twimg.com/media/GuUhDWsXsAAHQbd.png)

XXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1937992091638108261/c:line.svg)

**Related Topics**
[debt](/topic/debt)
[$swc](/topic/$swc)
[$kulr](/topic/$kulr)
[$altbg](/topic/$altbg)
[$mstr](/topic/$mstr)
[bitcoin](/topic/bitcoin)
[coins layer 1](/topic/coins-layer-1)
[coins bitcoin ecosystem](/topic/coins-bitcoin-ecosystem)

[Post Link](https://x.com/RoaringRagnar/status/1937992091638108261)