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![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)