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.