[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]

![AdamBLiv Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1881193918206758912.png) Adam Livingston [@AdamBLiv](/creator/twitter/AdamBLiv) on x 47.3K followers
Created: 2025-07-25 17:58:09 UTC

Disagree. The sentiment IS raised because the market recognizes that there is an outsized return if they pay to be the flywheel and wait long enough. Otherwise you’d see the stock trade at a 1:1 ratio to NAV.

I think the mNAV (valuation) is a direct result of future expectation of BTC yield, amongst many other factors that drive the incredibly complex concept of valuation.

Where would you draw the line where sentiment IS raised? It already trades at a premium. 2.2x mNAV? 2.5x? 3x?


XX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1948804983564239164/c:line.svg)

**Related Topics**
[Sentiment](/topic/sentiment)
[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/1948804983564239164)