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![IIICapital Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::967859267352059911.png) Joe Burnett, MSBA [@IIICapital](/creator/twitter/IIICapital) on x 99K followers
Created: 2025-07-20 23:55:13 UTC

Bitcoin treasury companies tend to trade at a premium to their bitcoin NAV just like banks tend to trade at a premium to their book value.

JPM trades at ~2.4x book value. MSTR trades at ~1.9x NAV.

Banks keep issuing more loans and treasury companies keep buying more bitcoin.


XXXXXX engagements

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**Related Topics**
[mstr](/topic/mstr)
[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/IIICapital/status/1947082900559565105)