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![AdamBLiv Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1881193918206758912.png) Adam Livingston [@AdamBLiv](/creator/twitter/AdamBLiv) on x 47.1K followers
Created: 2025-07-22 16:58:25 UTC

Some calculations on Metaplanet and Smarter Web regarding mNAV months-to-cover and premium compression.

Using approx. the last XX days of accumulation rate:

Metaplanet

Current BTC: XXXXXX

mNAV: 2.79×

Purchases Jun XX → Jul XX increased stack from XXXXXX to XXXXXX (+6,352 BTC). 

Premium BTC gap: (2.79 – 1) × XXXXXX = XXXXXX BTC.

MtC: XXXXXX ÷ XXXXX ≈ XXXX months.

PCV ≈ XXXX / month.

Smarter Web Company (SWC)

Current BTC: XXXXX. 

mNAV: 4.26×. 

Purchases Jun XX → Jul XX increased stack from XXXXXX to XXXXX (+1,357.66 BTC). 

Premium BTC gap: (4.26 – 1) × XXXXX = XXXXX BTC.

MmC_stack: XXXXX ÷ XXXXXXXX ≈ XXXX months.

PCV ≈ XXXX /month.

PCV = fraction of the mNAV premium burned off each month at the current BTC accumulation rate.

Think of it as a “time-to-pure-upside” gauge: 

Once the premium is fully covered by incremental BTC, any additional stacking (or BTC price rise) is essentially pure NAV accretion with zero premium drag.

A XX% reduction in stacking speed stretches premium payoff to 6+ months for Metaplanet and ~5.5 for SWC.

BULLISH.

![](https://pbs.twimg.com/media/Gweg8VFW4AAD3B-.jpg)

XXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1947702784520032291/c:line.svg)

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