According to @caprioleio, Bitcoin treasury companies with lower Days Cover have higher average 90-day returns. Source: @caprioleio on X, Aug 18, 2025. According to @caprioleio, traders can track and filter all companies by the Days Cover metric on Capriole Charts to implement this screen. Source: @caprioleio; Capriole Charts.

According to Jason Fang, investors are choosing Bitcoin treasury companies over holding BTC directly, with 'Strategy' leading this theme (source: Jason Fang, X post dated Aug 15, 2025). For traders, MicroStrategy (MSTR) is a primary BTC proxy because the company discloses substantial Bitcoin holdings and a policy to acquire and hold BTC as a treasury reserve asset, making its equity highly sensitive to BTC price moves (source: MicroStrategy investor relations and SEC filings). A practical setup is to monitor the MSTR/BTC ratio and the premium or discount of MSTR’s market capitalization versus the mark-to-market value of its disclosed BTC holdings plus core software business, while tracking any convertible note issuances or at-the-market equity programs that alter exposure and dilution (source: MicroStrategy SEC filings and press releases). Other listed names with disclosed BTC on balance sheet include Tesla (TSLA) and Block (SQ), providing alternative BTC-linked exposure with distinct operating risks and beta profiles (source: Tesla and Block SEC filings). This rotation theme suggests monitoring liquidity and tracking differences between BTC spot and equity proxies to manage basis risk, as highlighted by the author (source: Jason Fang, X).

According to BitcoinTreasuries.net, Bitcoin treasury-related stocks experienced significant gains today as The Smarter Web (SWC PZ) surged 32%, Metaplanet (3350 JP) climbed 25.6%, and H100 (H100 SS) advanced 22%. These sharp increases are attributed to rising institutional interest in Bitcoin holdings and positive momentum from recent crypto asset inflows. Traders should monitor these Bitcoin-exposed equities for continued volatility, as their performance often acts as a leveraged indicator for BTC price movements and overall crypto market sentiment (Source: BitcoinTreasuries.net).

According to Adam Back on Twitter, the thread provides a clear breakdown of the 'Months to mNAV Cover,' analyzing how this metric relates to the mNAV (multiple of market cap versus BTC treasury net asset value) and the yield, which is the rate of increase in BTC per share (source: Adam Back Twitter, June 4, 2025). For traders, understanding these metrics is crucial as they directly affect the valuation and trading strategies of crypto treasury stocks like MicroStrategy. A lower Months to mNAV Cover suggests faster alignment between market cap and Bitcoin NAV, signaling potential undervaluation or overvaluation opportunities. The yield metric, reflecting BTC/share growth, helps investors identify treasury stocks with strong Bitcoin accumulation rates, which may outperform during bullish BTC cycles. These insights are especially relevant for portfolio allocation and risk management in the crypto equity market.