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![RoaringRagnar Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1874841959916806144.png) Ragnar [@RoaringRagnar](/creator/twitter/RoaringRagnar) on x 9922 followers
Created: 2025-07-25 21:48:02 UTC

There‘s the notion that the BTC on the balance sheet at pure play treasuries is dead capital and not „at work.“

This can‘t be further from the truth. 

All 600,000+ BTC at Strategy are at work, and all 16,000+ BTC at Metaplanet are at work. 

They are the engine of the whole thing. Without this capital, the playbook couldn‘t work. 

The result?

Metaplanet generated XXX% of increase in BTC per share in Q2 alone. 

This is the yield above and beyond the BTC appreciation. So you can‘t just buy IBIT and replicate this. 

It‘s true BTC yield. 

Honest question for operating businesses: 

Do you see a path for your operating business to be able to generate a similar BTC Yield in a quarter? 

Or match the XX% BTC Yield Strategy generated last year in a single year?

That‘s the current hurdle rate. 

Yes, once the gold rush is over, this equation will change. But there‘s a good chance the gold rush will last for 10+ years.


XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1948862833183076652/c:line.svg)

**Related Topics**
[generated](/topic/generated)
[playbook](/topic/playbook)
[mergers and acquisitions](/topic/mergers-and-acquisitions)
[balance sheet](/topic/balance-sheet)
[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/1948862833183076652)