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![AdamBLiv Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1881193918206758912.png) Adam Livingston [@AdamBLiv](/creator/twitter/AdamBLiv) on x 46.7K followers
Created: 2025-07-19 17:39:02 UTC

When I talk about “what others are thinking,” I’m not just speculating.

The psychology behind capital flow is literally what drives the mNAV multiple. The mNAV is valuation, and I agree with Phong Le on this.

In this BTC treasury model, valuation premium is the fuel, and that fuel only exists if the market believes.

So yes, what the shareholder base thinks, understands, and expects directly determines whether the flywheel spins or stalls.

My core argument is this:

Metaplanet is undervalued if and only if the investor base is intelligent enough to feed the engine, and I believe that they are.

Same thing happened with Strategy.

MSTR traded at an mNAV for years while diluting into conviction.

And those shareholders got compounding BTC per share growth not in spite of the dilution, but because of it.

I’m explaining how investor behavior directly affects capital efficiency, dilution velocity, and BTC share accretion.

Also, feel free to let me know what you actually disagree with rather than an unsolicited suggestion after admitting you didn't even listen to me.


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[Post Link](https://x.com/AdamBLiv/status/1946625844035891520)