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![LingShuiDao Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1723930013542817792.png) 14Yo [@LingShuiDao](/creator/twitter/LingShuiDao) on x XXX followers
Created: 2025-07-16 18:45:44 UTC

So based on math, $SWC $TSWCF dry powder without any hype would worth at least $XXXX now, am I missing anything?   => Fair market cap = target mNAV × treasury value, where treasury value = $BTC holdings × $BTC price = XXXXX × $XXXXXXX = $XXXXXXXXXXX.
Target mNAV = XX (analyst benchmark for high-yield BTC treasuries).
Fair market cap = XX × $XXXXXXXXXXX = $XXXXXXXXXXXXX.
Fair price = fair market cap ÷ shares outstanding = $XXXXXXXXXXXXX ÷ XXXXXXXXXXX ≈ $XXXX.


XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1945555465133560149/c:line.svg)

**Related Topics**
[market cap](/topic/market-cap)
[$btc](/topic/$btc)
[$tswcf](/topic/$tswcf)
[$swc](/topic/$swc)
[bitcoin](/topic/bitcoin)
[coins layer 1](/topic/coins-layer-1)
[coins bitcoin ecosystem](/topic/coins-bitcoin-ecosystem)
[coins pow](/topic/coins-pow)

[Post Link](https://x.com/LingShuiDao/status/1945555465133560149)