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![AdamBLiv Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1881193918206758912.png) Adam Livingston [@AdamBLiv](/creator/twitter/AdamBLiv) on x 46K followers
Created: 2025-07-19 22:18:40 UTC

Formula (keep it tattoo‑simple):

TBY = (BTC per share growth factor) ÷ (average mNAV multiple)

BTC/share growth factor = (Ending BTC/share) / (Starting BTC/share)

mNAV = Market Cap ÷ BTC NAV

High TBY = you squeezed true sat accretion out of the casino chips. 

Low TBY = vibes, marketing, and dilution cosplay.


XXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1946696214616961099/c:line.svg)

**Related Topics**
[chips](/topic/chips)
[market cap](/topic/market-cap)
[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/AdamBLiv/status/1946696214616961099)