Thread by @fundstrat

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1/
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

2/
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 volatilty than $BTC
- so this volatility reduces ETH DAT more than BTC DAT

@BitMNR $BMNR

4/
$MSTR has conducted a series of accretive financings using the above playbook.

- by the way
- $ETH has higher volatilty than $BTC
- so this volatility reduces ETH DAT more than BTC DAT

@grok produced the below table (excerpt)

@BitMNR $BMNR

5/
Bitmine announced its ETH treasury strategy on June 30, 2025 and closed this transaction on July 9th, 2025

@BitMNR $BMNR @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!