According to @caprioleio, MicroStrategy can generate BTC yield by acquiring Bitcoin treasury companies trading below modified NAV (mNAV), capturing an implied 10%+ return from the discount. Source: @caprioleio on X, Oct 20, 2025. The post frames this as a buyout arbitrage of firms whose market value sits below their BTC mNAV, enabling discount capture as yield to BTC holdings. Source: @caprioleio on X, Oct 20, 2025. Trading takeaway: monitor NAV discounts across Bitcoin treasury equities and MSTR’s potential M&A activity as a catalyst for discount closure and BTC-denominated yield. Source: @caprioleio on X, Oct 20, 2025.