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From Hopium to Fundamentals: The Smart Way to Value BTC-T Companies

From Hopium to Fundamentals: The Smart Way to Value BTC-T Companies

After a ballistic debut, Bitcoin Treasury Companies (BTC-TCs) have hit their first real test. Once the hottest trade on the market, the sector has crashed hard — with many companies now trading at mNAVs below 1. Investors piled in early to ride Bitcoin’s momentum, chasing leveraged exposure without the risk
03 Nov 2025 12 min read
Halving Hype vs. Macro Reality: Why Bitcoin Is Set to Catch Up Fast

Halving Hype vs. Macro Reality: Why Bitcoin Is Set to Catch Up Fast

Every four years, the crypto world holds its breath for the next Bitcoin halving — a ritual countdown often credited with triggering explosive rallies followed by massive crashes. But… this ‘cycle’ has been underwhelming, to say the least.   Even Uptoper has been renamed ‘Voltober’.  Many are wondering whether the four-year stock-to-flow
25 Oct 2025 7 min read
The Business Cycle Bitcoin Amplifier

The Business Cycle Bitcoin Amplifier

Many factors appear to correlate with Bitcoin’s moves, like: ·         halvings, ·         election cycles, ·         gold, ·         global liquidity (M2), ·         the hash rate, and ·         the S&P 500. But, when you remove the noise, which of these truly matter? Our latest analysis suggests the ISM Purchasing Managers’ Index (PMI) — a key gauge
19 Oct 2025 8 min read
The Great Bitcoin Reset: Pain, Purge, and Setup for the Next Rip?

The Great Bitcoin Reset: Pain, Purge, and Setup for the Next Rip?

After the two-day “Trump Tariff V2” crash, Bitcoin reminded everyone that it can be volatile — it was just taking a nap. The sudden drop cleared a mountain of leveraged positions, resetting the market and setting the stage for an intriguing Q4. No one has a short-term crystal ball. Like everyone
13 Oct 2025 6 min read
From MicroStrategist to mNAV.com: The Future of Bitcoin Treasury Insights
Featured

From MicroStrategist to mNAV.com: The Future of Bitcoin Treasury Insights

We’re excited to announce that MicroStrategist is rebranding to mNAV.com — a dedicated data analysis and dashboard hub for investors and companies with accretive Bitcoin strategies. Our mission is simple: 1. Empower Bitcoin Treasury Companies to stack Bitcoin smarter and share their progress with investors using our market leading
17 Sep 2025 3 min read
Unpacking mNAV: Why BTC Yield Matters Most

Unpacking mNAV: Why BTC Yield Matters Most

With our upcoming rebrand to mNAV.com imminent, it’s a perfect moment to unpack the question everyone in the Bitcoin Treasury Company (BTC-TC) space is wrestling with: What really drives mNAV? The answer isn’t as complicated as it might seem. At its core, BTC Yield is the engine
11 Sep 2025 6 min read
The Lookback Edge: How Optimising Yield Windows Turned 5x into 59x

The Lookback Edge: How Optimising Yield Windows Turned 5x into 59x

Everyone agrees that BTC Yield — the change in bitcoin per share — is the ultimate scorecard for Bitcoin Treasury Companies (BTC-TCs). But what often goes unnoticed is how we measure it. The length of the lookback window — whether 30 days, 90 days, or a full year — can completely change the signal.
07 Sep 2025 7 min read
BTC-TCs After the Pullback: Where mNAV Meets Opportunity

BTC-TCs After the Pullback: Where mNAV Meets Opportunity

·         Bitcoin has cooled from ~$124k to ~$107k, but still sits just above its long-term power-law trend (57th percentile). ·         Our models (M2 + hash rate + S&P) point to a ~$122k as a current “fair value” for BTC vs. broader markets. ·         The June pivot aligned with a sharp ETH/BTC upswing;
31 Aug 2025 14 min read
A Quantitative Playbook for Investing in Bitcoin Treasury Companies

A Quantitative Playbook for Investing in Bitcoin Treasury Companies

Bitcoin Treasury Companies (BTC-TCs) are rewriting the rules of financial engineering. Inspired by Michael Saylor—an aeronautical engineer turned corporate strategist—the BTC-TC model represents a departure from traditional finance. It exploits inefficiencies in the fiat system and requires us to model it not as a financial instrument, but as
23 Aug 2025 12 min read
Is Bitcoin Winter Cancelled? Why This Cycle Feels Different

Is Bitcoin Winter Cancelled? Why This Cycle Feels Different

Every four years, like clockwork, the Bitcoin crowd gathers around the charts, waiting for history to rhyme, praying for the legendary 'God candle'. But this time… feels like it might be different. Cycles that once felt reliable — halvings, annual seasonality, even election-fuelled liquidity bursts — are showing signs of
02 Aug 2025 9 min read
Inside the Engine Room: How Our BTC-TC Portfolios Power Growth

Inside the Engine Room: How Our BTC-TC Portfolios Power Growth

In this article, we take a closer look under the hood of our BTC-TC portfolio system to help you understand why some companies earn a higher weighting than others—and how our strategies adapt dynamically to market movements. What Drives Our Rankings? A Look at Portfolio Weightings We’ve created
28 Jul 2025 9 min read
S-Curves and Sats: Decoding the Future of Bitcoin Treasury Growth

S-Curves and Sats: Decoding the Future of Bitcoin Treasury Growth

Lately, I’ve been laser-focused on one thing: understanding the future growth of Bitcoin Treasury Companies (BTC-TCs). My initial piece — The Half-Life of Bitcoin Treasury Companies — received plenty of ‘constructive’ feedback. But, ironically, since then, we've seen significant mNAV compression, with many BTC-TCs pulling back by over 50%
26 Jul 2025 5 min read
Bitcoin: Flatlining or Coiling to Strike?

Bitcoin: Flatlining or Coiling to Strike?

For what’s meant to be a notoriously volatile asset, Bitcoin has been... well, unusually boring lately—especially for those of us used to the high-octane world of Bitcoin Treasury Companies (BTC-TCs). But zoom out, and a clearer picture emerges. Bitcoin Still Dancing with the Power Law Bitcoin has been
26 Jul 2025 4 min read
Unlocking BTC-TC Transparency: Capital B’s Live Dashboard Debut

Unlocking BTC-TC Transparency: Capital B’s Live Dashboard Debut

Capital B’s dashboard just dropped—and it’s redefining how investors track BTC per share growth. From Blockchain Group to Capital B: A New Chapter Begins In case you missed the buzz on X, The Blockchain Group has rebranded to Capital B—complete with a sleek new logo, revamped
23 Jul 2025 2 min read
Rocket Fuel or Vapour? What the Shape of BTC Growth Tells Us for BTC-TCs

Rocket Fuel or Vapour? What the Shape of BTC Growth Tells Us for BTC-TCs

People love watching rocket launches. Why? Because you never really know what's going to happen — will they soar to the moon, drift aimlessly, or explode on the launch pad? The same goes for Bitcoin treasury companies (BTC-TCs). Early excitement is thrilling, but it’s what happens after takeoff
16 Jul 2025 8 min read
The Half-Life of Bitcoin Treasury Companies

The Half-Life of Bitcoin Treasury Companies

“It’s going up forever, Laura.”  Michael Saylor While this might be true for Bitcoin, Bitcoin treasury companies are different.  They’re not Bitcoin. Investors pay a premium for companies that can stack the fastest.  “It’s going up forever, Laura.”  Michael Saylor While this might be true for Bitcoin,
14 Jul 2025 8 min read
All-Time Highs – Where to Next?

All-Time Highs – Where to Next?

With Bitcoin smashing through its previous all-time highs, we’re entering what some call the fun zone. But where to next?  Are we reaching our peak or just getting started?   In this issue, we zoom out to examine the broader macro trends shaping Bitcoin’s future—and provide the latest
10 Jul 2025 6 min read
BTC Yield vs. Gravity: Which Treasury Companies Will Keep Climbing?

BTC Yield vs. Gravity: Which Treasury Companies Will Keep Climbing?

In the race to become the ultimate Bitcoin treasury, fast stackers earn the spotlight—and the highest premiums. Investors love companies that grow their BTC per share rapidly. Why? Because higher BTC Yield supercharges mNAV (multiple of net asset value), and share price follows — rocket fuel for market hype. But
03 Jul 2025 6 min read
Mapping the Lifecycle of a Bitcoin Treasury Company: From Hype to Hard Collateral

Mapping the Lifecycle of a Bitcoin Treasury Company: From Hype to Hard Collateral

Bitcoin treasury companies follow a distinct lifecycle: they start in the top right of our chart—small but explosive—and, ideally, drift slowly but steadily toward the bottom left, loaded up with as much BTC as possible to wield as hard collateral in the financial system of the future. Whether
25 Jun 2025 5 min read
Spot the Next MSTR Before It Moons: How to Find the Purest Bitcoin Plays

Spot the Next MSTR Before It Moons: How to Find the Purest Bitcoin Plays

Imagine spotting the next MSTR before the rocket takes off. With our system, you can. This article explains the model fit metric—the first filter in our quantitative, agnostic, data-driven system. What Defines a Pure Bitcoin Play? Many companies today hold Bitcoin on their balance sheets, but few can be
22 Jun 2025 5 min read
The Hidden Dangers of Bitcoin Treasury Companies: What Smart Investors Watch For

The Hidden Dangers of Bitcoin Treasury Companies: What Smart Investors Watch For

Bitcoin treasury stocks may be the fastest way to make money in the coming gold rush, but they’re far from risk-free. In this article, we break down the biggest threats investors need to keep an eye out for—and how to use the right tools to protect your gains.
21 Jun 2025 11 min read
The Bitcoin Bull: How K33 is building a massive Bitcoin
treasury company

The Bitcoin Bull: How K33 is building a massive Bitcoin
treasury company

So you think you're bullish? Today's interviewee's middle name is Bull. Torbjørn Bull Jensen is building the Nordic crypto exchange K33, listed on Nasdaq First North Growth Market with the ticker K33. A month ago the company announced they would start start raising capital,
18 Jun 2025 7 min read
BTC Treasuries, Power Law Projections & the Global Stacking Race Heats Up

BTC Treasuries, Power Law Projections & the Global Stacking Race Heats Up

Welcome to the third edition of MicroStrategist Weekly—your go-to source for cutting-edge insights on the Bitcoin treasury revolution. As companies across the globe, from Tokyo to Surrey, race to stack BTC, we’re here to chart the winners, flag the risks, and spotlight the hidden gems driving this financial
14 Jun 2025 9 min read
H100 – New Bitcoin Treasury Company Q&A with CEO

H100 – New Bitcoin Treasury Company Q&A with CEO

H100 recently announced their aim to raise ~$29M to buy Bitcoin, led by Bitcoin OG Adam Back. We sat down with CEO Sander Andersen to hear what it's like transforming a Nordic health startup into a Bitcoin treasury company.
06 Jun 2025 4 min read
The Blockchain Group (ALTBG): Europe’s Rising Bitcoin Treasury Pioneer
ALTBG

The Blockchain Group (ALTBG): Europe’s Rising Bitcoin Treasury Pioneer

This is a guest post by ₿themoon, one of the foremost experts on ALTBG. A small group of companies are redefining treasury management by embracing Bitcoin as a reserve asset. Strategy (MSTR), with its pioneering Bitcoin strategy, has set the standard, but a new player has emerged in Europe: The
04 Jun 2025 5 min read
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