The “Big 3” brings together five Bitcoin Treasury Companies that stand out for the clarity of their vision and the rigor of their execution. They were selected because they share the same conviction: to finance the future by focusing their efforts on innovative fundraising and the regular accumulation of Bitcoin. Each has demonstrated its ability to make Bitcoin the core of its business model and to rely on leaders who are deeply committed and capable of carrying this strategy over the long term.
Strategy, Metaplanet and Strategy each embody the leader of their regional market, whether in the United States, Japan and Europe. They also illustrate the diversity of sectors capable of adopting a Bitcoin treasury model, ranging from software, digital technologies and consulting to hotel business. It is on these criteria of commitment, innovation and regional leadership that they form today’s “Big 3.”
BTC NAV: represents the total value of the bitcoins held by the company at market price.
mNAV: measures the ratio between the company’s valuation (market capitalization + debt) and the value of its bitcoins. It indicates whether the market applies a premium or a discount.
Months to Cover mNAV: estimates the time needed for the current accumulation strategy to catch up with the market’s implied valuation.
BTC Yield: shows the rate of bitcoin accumulation per share (per period). It reflects the efficiency and consistency of the strategy.
BTC Torque: compares the current value of the bitcoins to their total acquisition cost. Over time, it reflects the economic quality of the purchases made and may rise or fall depending on short- and medium-term market conditions.
PCV (Price Compression Velocity): indicates the speed at which the value premium attributed by the markets to the company is caught up by the company’s real value.
A high BTC NAV shows the significance of the company’s Bitcoin exposure. A mNAV below 1 reflects a discount (the market values the company below its BTC holdings), while a mNAV above 1 indicates a premium (the market anticipates growth or values governance).
Low Months to Cover mNAV suggest that the current strategy could quickly close the discount or confirm the premium. A high BTC Yield signals a strong accumulation capacity and reinforces the company’s credibility as a Bitcoin Treasury Company.
A BTC Torque above 1 shows that the bitcoins are currently worth more than their acquisition cost, which reflects a historically effective long-term strategy.
Finally, a high PCV indicates that the market is rapidly adjusting its perception, a sign of efficiency and confidence in the model.
In summary, these metrics provide an overall view of the company’s Bitcoin exposure, the market’s perceived valuation, and the pace of accumulation. It is the combination of these indicators that makes it possible to assess the strength and dynamics of a Bitcoin Treasury Company.