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![RoaringRagnar Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1874841959916806144.png) Ragnar [@RoaringRagnar](/creator/twitter/RoaringRagnar) on x 9712 followers
Created: 2025-07-21 08:27:03 UTC

My main metric for pair trading BTC Treasuries is FMC (in months) or Forward P/BYD (same number, but in years).

FMC means Forward Months to Cover mNAV. It's the number of months it takes to fully cover the Forward mNAV back to X.

It's based on the Forward mNAV (which includes all cash ready to be deployed into Bitcoin) and my estimate of Q3 BTC Yield.

I don't like to look backwards, as the historical numbers are often skewed upwards for early companies, or a little low for companies with a bad quarter (like ALTBG).

Of course this is highly subjective. 

You can download my spreadsheet and include your own numbers here:

Personally, I believe that *all* treasuries from the screenshot are highly undervalued right now.

H100, PXI and BLGV are the fastest horses. But from a risk/reward perspective, I like MTPLF and SWC the best.

![](https://pbs.twimg.com/media/GwXhk11WAAAeGh4.jpg)

XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1947211709057274163/c:line.svg)

**Related Topics**
[fmc](/topic/fmc)
[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/RoaringRagnar/status/1947211709057274163)