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On DAT* and BTC/ETH Treasuries
*post has consent from @saylor
CASE STUDY: $MSTR created the template for crypto treasury.
- since 2020 start of $BTC strategy, @MicroStrategy
- stock gain from $13 to $455
QUESTION?
How much is due to BTC rise vs treasury strategy
$BMNR @BitMNR
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Of the 35X rise in $MSTR price:
- 11X due to $BTC Bitcoin rising from $11k to $118k
- 25X due to Treasury strategy
- aka increase in BTC per share
Treasury strategy far more significant than token price gain
@BitMNR $BMNR
3/
There are multiple ways $MSTR Treasury DAT strategies grow the token held per share:
- issue stock > P/NAV (mNAV) = rising token/share
- token volatility lowers cost of borrowing = better ROI
- use converts/preferred = limited equity dilution
By the way
- $ETH has higher volatility than $BTC
- so this volatility reduces ETH DAT more than BTC DAT
@BitMNR $BMNR
6/
$MSTR has shown, buying tokens
- increased tokens/share
$BMNR by 7th day (post-initial closing)
- acquired $1 billion of ETH
- MSTR acquired $250 million in same timeframe
That is all!
@BitMNR @CNBC 6/ $MSTR has shown, buying tokens
- increased tokens/share $BMNR by 7th day (post-initial closing)
- acquired $1 billion of ETH
- MSTR acquired $250 million in same timeframe
That is all!
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