High BTC Yield (increase in BTC/share)?
It means the company has significantly increased its BTC reserves this year. This growth rate reflects the execution efficiency of its accumulation strategy, often tied to its ability to raise capital.
The higher the BTC Yield, the more credible the company becomes as a Bitcoin Treasury Company, which can trigger a flywheel effect: more capital raises, more BTC, more sats per share.
mNAV below 1?
The company is valued below the fiat value of its BTC (its BTC treasury is underpriced by the market).
High BTC/day?
The company is buying a large amount of Bitcoin. That’s representative of the efficiency of its accumulation strategy as a “Bitcoin Treasury Company.”
Short “Months to cover mNAV”?
The BTC accumulation speed is high; continuing linearly, it could “catch up” with the current valuation quickly. It’s a gauge of strategy execution speed.
High PCV (Price Compression Velocity)?
A concept by Adam Livingston, this metric indicates how fast the market-implied premium over the company’s BTC value is getting compressed.
It corresponds to the monthly rotation of NAV (e.g., a PCV of 0.5 means ~50% of the premium is consumed each month).
A PCV above 2 suggests the company is rapidly catching up with the market premium — investors perceive strong execution and trust the model.