🧵 1/ On DAT* and BTC/ETH Treasuries *post has consent from @saylor CASE STUDY: $MSTR created the template for crypto treasury. - since 2020 start of $BTC strategy, @MicroStrategy - stock gain from $13 to $455 QUESTION? How much is due to BTC rise vs treasury strategy $BMNR @BitMNR

2/ Of the 35X rise in $MSTR price: - 11X due to $BTC Bitcoin rising from $11k to $118k - 25X due to Treasury strategy - aka increase in BTC per share Treasury strategy far more significant than token price gain @BitMNR $BMNR

3/ There are multiple ways $MSTR Treasury DAT strategies grow the token held per share: - issue stock > P/NAV (mNAV) = rising token/share - token volatility lowers cost of borrowing = better ROI - use converts/preferred = limited equity dilution By the way - $ETH has higher volatilty than $BTC - so this volatility reduces ETH DAT more than BTC DAT @BitMNR $BMNR

5/ Bitmine announced its ETH treasury strategy on June 30, 2025 and closed this transaction on July 9th, 2025 @BitMNR $BMNR @CNBC

6/ $MSTR has shown, buying tokens - increased tokens/share $BMNR by 7th day (post-initial closing) - acquired $1 billion of ETH - MSTR acquired $250 million in same timeframe That is all!

@BitMNR @CNBC 6/ $MSTR has shown, buying tokens - increased tokens/share $BMNR by 7th day (post-initial closing) - acquired $1 billion of ETH - MSTR acquired $250 million in same timeframe That is all!