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![fundstrat Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::2648357839.png) Thomas (Tom) Lee (not drummer) FSInsight.com [@fundstrat](/creator/twitter/fundstrat) on x 427.7K followers
Created: 2025-07-17 18:33:20 UTC

3/
There are multiple ways $MSTR Treasury DAT strategies grow the token held per share:

- issue stock > P/NAV (mNAV) = rising token/share
- token volatility lowers cost of borrowing = better ROI
- use converts/preferred = limited equity dilution

By the way
- $ETH has higher volatilty than $BTC
- so this volatility reduces ETH DAT more than BTC DAT

@BitMNR $BMNR

![](https://pbs.twimg.com/media/GwEpl6eWUAEyB64.jpg)

XXXXXX engagements

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**Related Topics**
[mstr](/topic/mstr)
[$btc](/topic/$btc)
[$eth](/topic/$eth)
[token](/topic/token)
[$mstr](/topic/$mstr)
[strategy](/topic/strategy)
[stocks financial services](/topic/stocks-financial-services)
[stocks technology](/topic/stocks-technology)

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