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![AdamBLiv Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1881193918206758912.png) Adam Livingston [@AdamBLiv](/creator/twitter/AdamBLiv) on x 47.2K followers
Created: 2025-07-16 19:51:10 UTC

Let’s break down three real Bitcoin treasury companies as of mid-2025 using the P/BYD framework:

X. Strategy (formerly MicroStrategy):

mNAV: XXXX (market cap is 1.95× its net BTC value)
BYD: XXXX% Bitcoin yield delivered over the first half of 2025
P/BYD: XXXX years

→ It takes just under X years for shareholders to recover the BTC premium they overpaid, assuming yield remains constant.

X. Metaplanet (3350.T):

mNAV: XXXX
BYD: XXXXX% Bitcoin yield delivered in Q2 alone
P/BYD: XXXX years

→ That’s around XXX months to full BTC payback, even with a premium over 3.5× NAV. 

Why? Explosive BTC yield from rapid dilution.

X. Smarter Web Company:

mNAV: XXXX
BYD: XXX% over the past 30-day period
P/BYD: XXXX years

→ Less than X weeks to recover the entire BTC premium. It’s almost unreal, but the sustainability of such yield is the question.

The lesson?

A high NAV premium isn’t bad if the BTC yield is compounding aggressively.

And a low premium means nothing if the company isn’t delivering more Bitcoin to the balance sheet.

This is how you separate signal from noise in the Bitcoin equity markets.


XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1945571933216444671/c:line.svg)

**Related Topics**
[market cap](/topic/market-cap)
[$1211hk](/topic/$1211hk)
[byd](/topic/byd)
[bitcoin](/topic/bitcoin)
[coins layer 1](/topic/coins-layer-1)
[coins bitcoin ecosystem](/topic/coins-bitcoin-ecosystem)
[coins pow](/topic/coins-pow)
[strategy](/topic/strategy)

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