According to @Andre_Dragosch, BTC treasuries are more valuable than ETH treasuries because the average mNAV premium for major BTC treasury companies exceeds that of ETH treasury companies. Source: André Dragosch on X, September 3, 2025. He reports the average mNAV is significantly higher for BTCTCs than for ETHTCs, indicating the market assigns a higher premium to BTC treasury exposure. Source: André Dragosch on X, September 3, 2025.

According to @Andre_Dragosch, the replicated Price-to-Bitcoin-Yield-Derivative (P/BYD) ratio for MicroStrategy (MSTR), originally proposed by Croesus_BTC, currently stands at 1.01. This ratio, which measures the market premium over MicroStrategy's modified Net Asset Value (mNAV) in relation to BTC yield, tends to fluctuate significantly, especially when Bitcoin (BTC) yields are low. The latest reading of 1.01 suggests that MSTR's mNAV premium is currently 'fair', indicating neutral trading sentiment for MSTR relative to its BTC holdings. This metric is important for traders assessing arbitrage or premium/discount opportunities related to MSTR and BTC price movements (source: @Andre_Dragosch).