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![thedefivillain Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1522870521414787072.png) VIKTOR [@thedefivillain](/creator/twitter/thedefivillain) on x 54.9K followers
Created: 2025-07-28 14:31:20 UTC

A full-stack $BTC treasury company needs X legs :

- Equity = monetizing the mNAV premium

- Debt = monetizing the difference between BTC's CAGR and the borrowing cost

Using both legs in tandem is what rationally justifies the company trading at a premium, even over the medium term.

An altcoin treasury company is a crippled vehicle that only uses the first leg (equity) and should trend to 1x mNAV over time.


XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1949840097513230540/c:line.svg)

**Related Topics**
[altcoin](/topic/altcoin)
[debt](/topic/debt)
[$btc](/topic/$btc)
[viktor](/topic/viktor)
[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/thedefivillain/status/1949840097513230540)