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![TreasuryReport Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1923134090938810368.png) Bitcoin Treasury Report [@TreasuryReport](/creator/twitter/TreasuryReport) on x XXX followers
Created: 2025-07-21 03:46:56 UTC

@BitcoinPowerLaw @AllYourModels @hiyoko_peep Hypothetically if there's no BTC Yield for a BTCTC, it'll probably trade at mNAV < 1, i.e. worse than a spot ETF.

Why? A spot ETF like $IBIT has much lower risk, and much lower expense ratio.

Also as example, there are banks that trade below TBV.


XX engagements

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[$ibit](/topic/$ibit)
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[Post Link](https://x.com/TreasuryReport/status/1947141215561855065)