A high BTC Yield (increase in BTC per share)?
This means that the company has significantly increased its BTC reserves this year. This growth rate reflects the effectiveness of its accumulation strategy execution, often linked to its ability to raise funds.
The higher the BTC Yield, the more credible the company becomes as a Bitcoin Treasury Company, which can trigger a snowball effect: more fundraising, more BTC, more satoshis per share.
An mNAV below 1?
Capital B is undervalued compared to the value of its BTC, and its accumulation strategy is not fully recognized.
A high BTC/day?
The company is purchasing a large amount of Bitcoin. This reflects the effectiveness of its accumulation strategy execution as a "Bitcoin Treasury Company".
A short mNAV coverage time (days or months to cover)?
This means that the BTC accumulation speed is high, and by continuing linearly, it could "catch up" with the current valuation in a short period of time. It is an indicator of the execution speed of the strategy.
A high PCV (Price Compression Velocity)?
Designed by Adam Livingston, this metric indicates the speed at which the premium attributed by the markets to the company is caught up by the company’s actual value.
It corresponds to the monthly rotation of the NAV; for example, a PCV of 0.5 means that each month 50% of the premium is absorbed.
A PCV above 2 indicates that the company is catching up very quickly with the premium granted by the market.
This reflects strong perceived efficiency of its strategy, and investor confidence in the model.