Dark | Light
[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.]

![MUDBONE3003 Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1503534129081683969.png) MUDBONE🎈 [@MUDBONE3003](/creator/twitter/MUDBONE3003) on x 1710 followers
Created: 2025-07-12 16:09:01 UTC

The treasury trade is exciting. I measure it using mNAV, which rises with risk. Using MSTR as a benchmark, BTC mNAV should be around 1.7, higher for riskier assets. Reasons include native yield, where assets earn more coins without issuing shares or debt. For example, SBET has earned nearly $X million from yield (in X month) and will compound as it gathers and stakes ETH. Asset volatility also benefits treasuries, enabling them to issue shares and buy more assets; greater volatility means more buying. My gut suggests mNAV for ETH treasuries should be around 2.5, Sol 3.5, Hype 5, increasing with risk.

![](https://pbs.twimg.com/media/Gvq0j9pWkAAYz-8.jpg)

XXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1944066476379426908/c:line.svg)

**Related Topics**
[volatility](/topic/volatility)
[compound](/topic/compound)
[debt](/topic/debt)
[stocks](/topic/stocks)
[coins](/topic/coins)
[mstr](/topic/mstr)
[bitcoin](/topic/bitcoin)
[coins layer 1](/topic/coins-layer-1)

[Post Link](https://x.com/MUDBONE3003/status/1944066476379426908)

[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.]

MUDBONE3003 Avatar MUDBONE🎈 @MUDBONE3003 on x 1710 followers Created: 2025-07-12 16:09:01 UTC

The treasury trade is exciting. I measure it using mNAV, which rises with risk. Using MSTR as a benchmark, BTC mNAV should be around 1.7, higher for riskier assets. Reasons include native yield, where assets earn more coins without issuing shares or debt. For example, SBET has earned nearly $X million from yield (in X month) and will compound as it gathers and stakes ETH. Asset volatility also benefits treasuries, enabling them to issue shares and buy more assets; greater volatility means more buying. My gut suggests mNAV for ETH treasuries should be around 2.5, Sol 3.5, Hype 5, increasing with risk.

XXX engagements

Engagements Line Chart

Related Topics volatility compound debt stocks coins mstr bitcoin coins layer 1

Post Link

post/tweet::1944066476379426908
/post/tweet::1944066476379426908