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Valuing Scarcity: How the Market Prices
Bitcoin Treasury Companies
Valuing Scarcity: How the Market Prices Bitcoin Treasury Companies
Valuing Scarcity: How the Market Prices Bitcoin Treasury Companies
Understanding KPIs, Multiples, and the Rise of a New Asset Class
Understanding KPIs, Multiples, and the Rise of a New Asset Class
01/07/2025
A New Asset Demands a New Framework
Bitcoin is unlike any asset the world has ever seen. And Bitcoin Treasury Companies are unlike any corporation the markets have ever had to value.
They are not banks.
They are not miners.
They are not ETFs.
They are structured vaults of verifiable scarcity — aligned with Bitcoin’s fixed supply, but
wrapped in the transparency and liquidity of public markets.
So... how do you value them?
mNAV: The Multiple That Redefines Market Value
In the traditional world, companies are valued using earnings, EBITDA, cash flow, or NAV.
But Bitcoin Treasury Companies demand a new metric: mNAV.
mNAV = Market Capitalization / Net Asset Value (NAV in BTC × BTC price)
This multiple reflects how much investors are willing to pay above the Bitcoin holdings on
the balance sheet.
-mNAV = 1 → market cap = BTC holdings
-mNAV > 1 → the company trades at a premium
-mNAV < 1 → the company trades at a discount
Why Would a BTC Company Trade at mNAV 2x... or 10x?
Because investors don’t just buy the BTC — they buy the structure:
-Access to BTC exposure in public markets
-Institutional-grade custody
-Transparent reporting
-Strategic BTC accumulation plans
-Corporate alignment with the Bitcoin Standard
-Potential Bitcoin yield (BPS growth)
-Future optionality: BTC-backed debt, financial products, consulting, market leadership
mNAV is not just a premium. It’s a reflection of trust + vision + execution.
BTC Per Share (BPS): The Real Performance Metric
Unlike traditional companies that report EPS (Earnings per Share), BTC Treasury Companies
are measured in:
BPS = BTC Holdings / Total Outstanding Shares
This is the purest way to assess performance:
-Is the company growing its BTC reserves?
-Is it doing so without excessive dilution?
-Is it buying BTC at good prices with shareholder capital?
A company that increases BPS over time is not just surviving — it’s accumulating.
Other Core KPIs
BTC NAV = BTC per share × BTC price
BTC Yield=Annual % increase in BPS
BTC mmc= Months to cover mNAV via BTC accumulation
BTC Torque= How BTC price and mNAV amplify share price
BTC Beta= Share price volatility vs BTC movements
Why the Market Wants These Companies
-Retail: wants easy, regulated exposure to BTC via brokerage accounts
-Institutions: need audited, public vehicles aligned with compliance mandates
-Family offices: seek long-term stores of value without custody headaches
-Sovereigns & allocators: want options beyond ETFs and miners
As the monetary system decays and Bitcoin matures, demand for scarcity wrapped in corporate structure is only rising.
New Premium Class of Public Company
Bitcoin Treasury Companies are becoming:
-Signals of economic sanity
-Gateways for legacy capital
-Arbiters of disciplined monetary policy — not through words, but through reserves
They don’t just store Bitcoin.
They embody its values — publicly, permanently, and transparently.
Conclusion: Buy BTC. Or Buy the Company That’s Stacking It Smarter.
If Bitcoin is the new gold, Bitcoin Treasury Companies are the new vaults.
And markets are realizing they’re worth more than the sum of their coins.
Standard 21 is built to be one of them — not just by holding Bitcoin, but by aligning
structurally with it.
Welcome to the new KPI era.
Bitcoin is the asset. We are the instrument.
A New Asset Demands a New Framework
Bitcoin is unlike any asset the world has ever seen. And Bitcoin Treasury Companies are unlike any corporation the markets have ever had to value.
They are not banks.
They are not miners.
They are not ETFs.
They are structured vaults of verifiable scarcity — aligned with Bitcoin’s fixed supply, but
wrapped in the transparency and liquidity of public markets.
So... how do you value them?
mNAV: The Multiple That Redefines Market Value
In the traditional world, companies are valued using earnings, EBITDA, cash flow, or NAV.
But Bitcoin Treasury Companies demand a new metric: mNAV.
mNAV = Market Capitalization / Net Asset Value (NAV in BTC × BTC price)
This multiple reflects how much investors are willing to pay above the Bitcoin holdings on
the balance sheet.
-mNAV = 1 → market cap = BTC holdings
-mNAV > 1 → the company trades at a premium
-mNAV < 1 → the company trades at a discount
Why Would a BTC Company Trade at mNAV 2x... or 10x?
Because investors don’t just buy the BTC — they buy the structure:
-Access to BTC exposure in public markets
-Institutional-grade custody
-Transparent reporting
-Strategic BTC accumulation plans
-Corporate alignment with the Bitcoin Standard
-Potential Bitcoin yield (BPS growth)
-Future optionality: BTC-backed debt, financial products, consulting, market leadership
mNAV is not just a premium. It’s a reflection of trust + vision + execution.
BTC Per Share (BPS): The Real Performance Metric
Unlike traditional companies that report EPS (Earnings per Share), BTC Treasury Companies
are measured in:
BPS = BTC Holdings / Total Outstanding Shares
This is the purest way to assess performance:
-Is the company growing its BTC reserves?
-Is it doing so without excessive dilution?
-Is it buying BTC at good prices with shareholder capital?
A company that increases BPS over time is not just surviving — it’s accumulating.
Other Core KPIs
BTC NAV = BTC per share × BTC price
BTC Yield=Annual % increase in BPS
BTC mmc= Months to cover mNAV via BTC accumulation
BTC Torque= How BTC price and mNAV amplify share price
BTC Beta= Share price volatility vs BTC movements
Why the Market Wants These Companies
-Retail: wants easy, regulated exposure to BTC via brokerage accounts
-Institutions: need audited, public vehicles aligned with compliance mandates
-Family offices: seek long-term stores of value without custody headaches
-Sovereigns & allocators: want options beyond ETFs and miners
As the monetary system decays and Bitcoin matures, demand for scarcity wrapped in corporate structure is only rising.
New Premium Class of Public Company
Bitcoin Treasury Companies are becoming:
-Signals of economic sanity
-Gateways for legacy capital
-Arbiters of disciplined monetary policy — not through words, but through reserves
They don’t just store Bitcoin.
They embody its values — publicly, permanently, and transparently.
Conclusion: Buy BTC. Or Buy the Company That’s Stacking It Smarter.
If Bitcoin is the new gold, Bitcoin Treasury Companies are the new vaults.
And markets are realizing they’re worth more than the sum of their coins.
Standard 21 is built to be one of them — not just by holding Bitcoin, but by aligning
structurally with it.
Welcome to the new KPI era.
Bitcoin is the asset. We are the instrument.
A New Archetype Is Emerging.
Bitcoin didn’t just give us a new form of money. It’s giving us a new form of corporation.
For years, Bitcoin was seen as a speculative asset — a volatile outsider, too risky for the balance sheets of serious institutions. But that perception is collapsing. Quietly, and then suddenly, a new kind of company has emerged:
The Bitcoin Treasury Companies.
These aren’t banks.
They aren’t hedge funds.
They’re not crypto startups.
They’re corporations that exist primarily to hold Bitcoin — structurally, publicly, and indefinitely.
From Speculation to Standard
The story began with MicroStrategy (now Strategy), when Michael Saylor directed its cash reserves into Bitcoin in 2020. At the time, it was seen as radical. But today, Strategy holds over 590,000 BTC, has issued billions in debt to accumulate more, and trades at a premium to its net Bitcoin holdings.
That move was not just a balance sheet play — it was a signal.
It opened the floodgates to a new model:
A listed entity that turns scarcity into structure, and makes Bitcoin investible for the legacy world.
A Bitcoin Treasury Company is a public or private corporation that:
1. Raises fiat capital (equity or debt)
3. Operates transparently, measuring performance in Bitcoin per share (BPS)
4. Trades on regulated markets, allowing passive investors to gain exposure to BTC through equity
The model is simple, but the implications are profound.
This structure allows capital allocators, institutions, family offices, and even retail investors to gain Bitcoin exposure without navigating wallets, custody, regulation, or volatility — while also benefiting from the upside of mNAV multiples.
A Market That’s Just Getting Started
In 2020, there was 1 Bitcoin Treasury Company.
In 2025, there are over 150 globally — public and private.
Collectively, they hold more than 1 million BTC — over 5% of total supply.
And this is just the beginning.
By 2030...
Estimates suggest Bitcoin Treasury Companies could hold between 2–3 million BTC, representing 10–15% of total supply.
-The market capitalization of BTC Treasury Companies could exceed $3 trillion, driven by Bitcoin price and premium multiples (mNAV).
-Why This Model Works
-Scarcity compounds — and Bitcoin Treasury Companies give it structure.
-Equity multiples (mNAV) reward strong governance, transparency, and strategic BTC accumulation.
-They offer regulatory bridges to Bitcoin for investors who can’t (or won’t) hold BTC directly.
-Scarcity compounds — and Bitcoin Treasury Companies give it structure.
-Equity multiples (mNAV) reward strong governance, transparency, and strategic BTC accumulation.
-They offer regulatory bridges to Bitcoin for investors who can’t (or won’t) hold BTC directly.
-They are inherently aligned with Bitcoin’s values: long-term, verifiable, incorruptible.
Standard 21: Born Native to This Model
While Strategy, Metaplanet, and others adopted Bitcoin, Standard 21 was built for it from the ground up.
No fiat compromises.
No plan B.
Just one mission:
Accumulate Bitcoin.
Preserve capital.
Build the corporate architecture of the Bitcoin Standard.
Conclusion: A Global Migration to Scarcity
The rise of Bitcoin Treasury Companies is not a trend.
It’s a structural response to monetary decay.
In a world of 900 trillion dollars of wealth — much of it stored in assets like bonds and cash
that are decaying silently — the world is searching for a new reserve.
Bitcoin is that reserve.
Bitcoin Treasury Companies are the public vaults that will hold it.
Standard 21 is proud to be one of them.
This is not speculation. This is infrastructure.
Bitcoin is the signal. We are the structure.
Welcome to the Bitcoin Treasury Era.
A New Asset Demands a New Framework
Bitcoin is unlike any asset the world has ever seen. And Bitcoin Treasury Companies are unlike any corporation the markets have ever had to value.
They are not banks.
They are not miners.
They are not ETFs.
They are structured vaults of verifiable scarcity — aligned with Bitcoin’s fixed supply, but
wrapped in the transparency and liquidity of public markets.
So... how do you value them?
mNAV: The Multiple That Redefines Market Value
In the traditional world, companies are valued using earnings, EBITDA, cash flow, or NAV.
But Bitcoin Treasury Companies demand a new metric: mNAV.
mNAV = Market Capitalization / Net Asset Value (NAV in BTC × BTC price)
This multiple reflects how much investors are willing to pay above the Bitcoin holdings on
the balance sheet.
-mNAV = 1 → market cap = BTC holdings
-mNAV > 1 → the company trades at a premium
-mNAV < 1 → the company trades at a discount
Why Would a BTC Company Trade at mNAV 2x... or 10x?
Because investors don’t just buy the BTC — they buy the structure:
-Access to BTC exposure in public markets
-Institutional-grade custody
-Transparent reporting
-Strategic BTC accumulation plans
-Corporate alignment with the Bitcoin Standard
-Potential Bitcoin yield (BPS growth)
-Future optionality: BTC-backed debt, financial products, consulting, market leadership
mNAV is not just a premium. It’s a reflection of trust + vision + execution.
BTC Per Share (BPS): The Real Performance Metric
Unlike traditional companies that report EPS (Earnings per Share), BTC Treasury Companies
are measured in:
BPS = BTC Holdings / Total Outstanding Shares
This is the purest way to assess performance:
-Is the company growing its BTC reserves?
-Is it doing so without excessive dilution?
-Is it buying BTC at good prices with shareholder capital?
A company that increases BPS over time is not just surviving — it’s accumulating.
Other Core KPIs
BTC NAV = BTC per share × BTC price
BTC Yield=Annual % increase in BPS
BTC mmc= Months to cover mNAV via BTC accumulation
BTC Torque= How BTC price and mNAV amplify share price
BTC Beta= Share price volatility vs BTC movements
Why the Market Wants These Companies
-Retail: wants easy, regulated exposure to BTC via brokerage accounts
-Institutions: need audited, public vehicles aligned with compliance mandates
-Family offices: seek long-term stores of value without custody headaches
-Sovereigns & allocators: want options beyond ETFs and miners
As the monetary system decays and Bitcoin matures, demand for scarcity wrapped in corporate structure is only rising.
New Premium Class of Public Company
Bitcoin Treasury Companies are becoming:
-Signals of economic sanity
-Gateways for legacy capital
-Arbiters of disciplined monetary policy — not through words, but through reserves
They don’t just store Bitcoin.
They embody its values — publicly, permanently, and transparently.
Conclusion: Buy BTC. Or Buy the Company That’s Stacking It Smarter.
If Bitcoin is the new gold, Bitcoin Treasury Companies are the new vaults.
And markets are realizing they’re worth more than the sum of their coins.
Standard 21 is built to be one of them — not just by holding Bitcoin, but by aligning
structurally with it.
Welcome to the new KPI era.
Bitcoin is the asset. We are the instrument.
A New Archetype Is Emerging.
Bitcoin didn’t just give us a new form of money. It’s giving us a new form of corporation.
For years, Bitcoin was seen as a speculative asset — a volatile outsider, too risky for the balance sheets of serious institutions. But that perception is collapsing. Quietly, and then suddenly, a new kind of company has emerged:
The Bitcoin Treasury Companies.
These aren’t banks.
They aren’t hedge funds.
They’re not crypto startups.
They’re corporations that exist primarily to hold Bitcoin — structurally, publicly, and indefinitely.
From Speculation to Standard
The story began with MicroStrategy (now Strategy), when Michael Saylor directed its cash reserves into Bitcoin in 2020. At the time, it was seen as radical. But today, Strategy holds over 590,000 BTC, has issued billions in debt to accumulate more, and trades at a premium to its net Bitcoin holdings.
That move was not just a balance sheet play — it was a signal.
It opened the floodgates to a new model:
A listed entity that turns scarcity into structure, and makes Bitcoin investible for the legacy world.
A Bitcoin Treasury Company is a public or private corporation that:
1. Raises fiat capital (equity or debt)
3. Operates transparently, measuring performance in Bitcoin per share (BPS)
4. Trades on regulated markets, allowing passive investors to gain exposure to BTC through equity
The model is simple, but the implications are profound.
This structure allows capital allocators, institutions, family offices, and even retail investors to gain Bitcoin exposure without navigating wallets, custody, regulation, or volatility — while also benefiting from the upside of mNAV multiples.
A Market That’s Just Getting Started
In 2020, there was 1 Bitcoin Treasury Company.
In 2025, there are over 150 globally — public and private.
Collectively, they hold more than 1 million BTC — over 5% of total supply.
And this is just the beginning.
By 2030...
Estimates suggest Bitcoin Treasury Companies could hold between 2–3 million BTC, representing 10–15% of total supply.
-The market capitalization of BTC Treasury Companies could exceed $3 trillion, driven by Bitcoin price and premium multiples (mNAV).
-Why This Model Works
-Scarcity compounds — and Bitcoin Treasury Companies give it structure.
-Equity multiples (mNAV) reward strong governance, transparency, and strategic BTC accumulation.
-They offer regulatory bridges to Bitcoin for investors who can’t (or won’t) hold BTC directly.
-Scarcity compounds — and Bitcoin Treasury Companies give it structure.
-Equity multiples (mNAV) reward strong governance, transparency, and strategic BTC accumulation.
-They offer regulatory bridges to Bitcoin for investors who can’t (or won’t) hold BTC directly.
-They are inherently aligned with Bitcoin’s values: long-term, verifiable, incorruptible.
Standard 21: Born Native to This Model
While Strategy, Metaplanet, and others adopted Bitcoin, Standard 21 was built for it from the ground up.
No fiat compromises.
No plan B.
Just one mission:
Accumulate Bitcoin.
Preserve capital.
Build the corporate architecture of the Bitcoin Standard.
Conclusion: A Global Migration to Scarcity
The rise of Bitcoin Treasury Companies is not a trend.
It’s a structural response to monetary decay.
In a world of 900 trillion dollars of wealth — much of it stored in assets like bonds and cash
that are decaying silently — the world is searching for a new reserve.
Bitcoin is that reserve.
Bitcoin Treasury Companies are the public vaults that will hold it.
Standard 21 is proud to be one of them.
This is not speculation. This is infrastructure.
Bitcoin is the signal. We are the structure.
Welcome to the Bitcoin Treasury Era.
A New Asset Demands a New Framework
Bitcoin is unlike any asset the world has ever seen. And Bitcoin Treasury Companies are unlike any corporation the markets have ever had to value.
They are not banks.
They are not miners.
They are not ETFs.
They are structured vaults of verifiable scarcity — aligned with Bitcoin’s fixed supply, but
wrapped in the transparency and liquidity of public markets.
So... how do you value them?
mNAV: The Multiple That Redefines Market Value
In the traditional world, companies are valued using earnings, EBITDA, cash flow, or NAV.
But Bitcoin Treasury Companies demand a new metric: mNAV.
mNAV = Market Capitalization / Net Asset Value (NAV in BTC × BTC price)
This multiple reflects how much investors are willing to pay above the Bitcoin holdings on
the balance sheet.
-mNAV = 1 → market cap = BTC holdings
-mNAV > 1 → the company trades at a premium
-mNAV < 1 → the company trades at a discount
Why Would a BTC Company Trade at mNAV 2x... or 10x?
Because investors don’t just buy the BTC — they buy the structure:
-Access to BTC exposure in public markets
-Institutional-grade custody
-Transparent reporting
-Strategic BTC accumulation plans
-Corporate alignment with the Bitcoin Standard
-Potential Bitcoin yield (BPS growth)
-Future optionality: BTC-backed debt, financial products, consulting, market leadership
mNAV is not just a premium. It’s a reflection of trust + vision + execution.
BTC Per Share (BPS): The Real Performance Metric
Unlike traditional companies that report EPS (Earnings per Share), BTC Treasury Companies
are measured in:
BPS = BTC Holdings / Total Outstanding Shares
This is the purest way to assess performance:
-Is the company growing its BTC reserves?
-Is it doing so without excessive dilution?
-Is it buying BTC at good prices with shareholder capital?
A company that increases BPS over time is not just surviving — it’s accumulating.
Other Core KPIs
BTC NAV = BTC per share × BTC price
BTC Yield=Annual % increase in BPS
BTC mmc= Months to cover mNAV via BTC accumulation
BTC Torque= How BTC price and mNAV amplify share price
BTC Beta= Share price volatility vs BTC movements
Why the Market Wants These Companies
-Retail: wants easy, regulated exposure to BTC via brokerage accounts
-Institutions: need audited, public vehicles aligned with compliance mandates
-Family offices: seek long-term stores of value without custody headaches
-Sovereigns & allocators: want options beyond ETFs and miners
As the monetary system decays and Bitcoin matures, demand for scarcity wrapped in corporate structure is only rising.
New Premium Class of Public Company
Bitcoin Treasury Companies are becoming:
-Signals of economic sanity
-Gateways for legacy capital
-Arbiters of disciplined monetary policy — not through words, but through reserves
They don’t just store Bitcoin.
They embody its values — publicly, permanently, and transparently.
Conclusion: Buy BTC. Or Buy the Company That’s Stacking It Smarter.
If Bitcoin is the new gold, Bitcoin Treasury Companies are the new vaults.
And markets are realizing they’re worth more than the sum of their coins.
Standard 21 is built to be one of them — not just by holding Bitcoin, but by aligning
structurally with it.
Welcome to the new KPI era.
Bitcoin is the asset. We are the instrument.
A New Archetype Is Emerging.
Bitcoin didn’t just give us a new form of money. It’s giving us a new form of corporation.
For years, Bitcoin was seen as a speculative asset — a volatile outsider, too risky for the balance sheets of serious institutions. But that perception is collapsing. Quietly, and then suddenly, a new kind of company has emerged:
The Bitcoin Treasury Companies.
These aren’t banks.
They aren’t hedge funds.
They’re not crypto startups.
They’re corporations that exist primarily to hold Bitcoin — structurally, publicly, and indefinitely.
From Speculation to Standard
The story began with MicroStrategy (now Strategy), when Michael Saylor directed its cash reserves into Bitcoin in 2020. At the time, it was seen as radical. But today, Strategy holds over 590,000 BTC, has issued billions in debt to accumulate more, and trades at a premium to its net Bitcoin holdings.
That move was not just a balance sheet play — it was a signal.
It opened the floodgates to a new model:
A listed entity that turns scarcity into structure, and makes Bitcoin investible for the legacy world.
A Bitcoin Treasury Company is a public or private corporation that:
1. Raises fiat capital (equity or debt)
3. Operates transparently, measuring performance in Bitcoin per share (BPS)
4. Trades on regulated markets, allowing passive investors to gain exposure to BTC through equity
The model is simple, but the implications are profound.
This structure allows capital allocators, institutions, family offices, and even retail investors to gain Bitcoin exposure without navigating wallets, custody, regulation, or volatility — while also benefiting from the upside of mNAV multiples.
A Market That’s Just Getting Started
In 2020, there was 1 Bitcoin Treasury Company.
In 2025, there are over 150 globally — public and private.
Collectively, they hold more than 1 million BTC — over 5% of total supply.
And this is just the beginning.
By 2030...
Estimates suggest Bitcoin Treasury Companies could hold between 2–3 million BTC, representing 10–15% of total supply.
-The market capitalization of BTC Treasury Companies could exceed $3 trillion, driven by Bitcoin price and premium multiples (mNAV).
-Why This Model Works
-Scarcity compounds — and Bitcoin Treasury Companies give it structure.
-Equity multiples (mNAV) reward strong governance, transparency, and strategic BTC accumulation.
-They offer regulatory bridges to Bitcoin for investors who can’t (or won’t) hold BTC directly.
-Scarcity compounds — and Bitcoin Treasury Companies give it structure.
-Equity multiples (mNAV) reward strong governance, transparency, and strategic BTC accumulation.
-They offer regulatory bridges to Bitcoin for investors who can’t (or won’t) hold BTC directly.
-They are inherently aligned with Bitcoin’s values: long-term, verifiable, incorruptible.
Standard 21: Born Native to This Model
While Strategy, Metaplanet, and others adopted Bitcoin, Standard 21 was built for it from the ground up.
No fiat compromises.
No plan B.
Just one mission:
Accumulate Bitcoin.
Preserve capital.
Build the corporate architecture of the Bitcoin Standard.
Conclusion: A Global Migration to Scarcity
The rise of Bitcoin Treasury Companies is not a trend.
It’s a structural response to monetary decay.
In a world of 900 trillion dollars of wealth — much of it stored in assets like bonds and cash
that are decaying silently — the world is searching for a new reserve.
Bitcoin is that reserve.
Bitcoin Treasury Companies are the public vaults that will hold it.
Standard 21 is proud to be one of them.
This is not speculation. This is infrastructure.
Bitcoin is the signal. We are the structure.
Welcome to the Bitcoin Treasury Era.
While Strategy, Metaplanet, and others adopted Bitcoin, Standard 21 was built for it from
the ground up.