{"id":33457,"date":"2025-05-12T12:52:10","date_gmt":"2025-05-12T12:52:10","guid":{"rendered":"https:\/\/www.duck9.com\/blog\/?p=33457"},"modified":"2025-05-12T08:52:36","modified_gmt":"2025-05-12T12:52:36","slug":"whats-the-mnav-looking-like-at-different-share-prices-currently","status":"publish","type":"post","link":"https:\/\/www.duck9.com\/blog\/whats-the-mnav-looking-like-at-different-share-prices-currently\/","title":{"rendered":"What\u2019s the mNAV looking like at different share prices currently?"},"content":{"rendered":"<div class=\"postie-post\">\n<div>\n<div dir=\"ltr\">\n<div dir=\"ltr\"><a href=\"https:\/\/x.com\/adam3us\/status\/1921901277161681155?s=43\"><\/p>\n<table cellpadding=\"0\" cellspacing=\"0\" border=\"0\" width=\"500\" bgcolor=\"#ffffff\" style=\"border: 1px solid rgb(204, 214, 221); border-radius: 12px;\">\n<tbody>\n<tr>\n<td colspan=\"3\" height=\"12\" style=\"font-size: 0px; line-height: 0px;\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td width=\"18\" style=\"font-size: 0px; line-height: 0px; min-width: 18px;\">&nbsp;<\/td>\n<td>\n<table cellpadding=\"0\" cellspacing=\"0\" border=\"0\" width=\"464\" align=\"left\">\n<tbody>\n<tr valign=\"top\">\n<td width=\"48\" valign=\"top\"><a href=\"https:\/\/x.com\/adam3us?s=43\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.duck9.com\/wp-content\/uploads\/2025\/05\/IGTT_tnL_normal.jpg\" height=\"48\" width=\"48\" style=\"border-radius: 50%; padding: 0px;\" alt=\"IGTT_tnL_normal.jpg\"><\/a><\/td>\n<td width=\"8\" style=\"font-size: 0px; line-height: 0px; min-width: 8px;\"><img decoding=\"async\" src=\"https:\/\/ea.twimg.com\/email\/self_serve\/media\/spacer.png\" width=\"8\" data-unique-identifier=\"\"><\/td>\n<td valign=\"middle\" width=\"388\" style=\"min-width: 388px;\">\n<table cellpadding=\"0\" cellspacing=\"0\" border=\"0\" align=\"left\" width=\"388\">\n<tbody>\n<tr>\n<td align=\"left\" width=\"388\"><b><a href=\"https:\/\/x.com\/adam3us?s=43\" style=\"font-family: Helvetica, Arial, san-serif; font-size: 14px; line-height: 18px; color: rgb(41, 44, 47); text-decoration: none;\">Adam Back<\/a><\/b><\/td>\n<\/tr>\n<tr>\n<td align=\"left\"><a href=\"https:\/\/x.com\/adam3us?s=43\" style=\"font-family: Helvetica, Arial, san-serif; font-size: 14px; line-height: 18px; text-decoration: none; color: rgb(126, 140, 152);\">\u2066\u202a@adam3us\u202c\u2069<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<td valign=\"top\" width=\"20\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ea.twimg.com\/email\/self_serve\/media\/logo_twitter-1497383721365.png\" height=\"20\" width=\"24\" data-unique-identifier=\"\"><\/td>\n<\/tr>\n<tr>\n<td height=\"9\" colspan=\"4\" style=\"font-size: 0px; line-height: 0px;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ea.twimg.com\/self_serve\/media\/spacer_464x1-1582829598167.png\" width=\"464\" height=\"1\" data-unique-identifier=\"\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"font-family: Helvetica, Arial, san-serif; color: rgb(41, 44, 47); font-size: 18px; line-height: 24px;\"><a href=\"https:\/\/x.com\/saylor\">\u2066\u202a@saylor\u202c\u2069<\/a>&nbsp;<a href=\"https:\/\/x.com\/DavidFBailey\">\u2066\u202a@DavidFBailey\u202c\u2069<\/a>&nbsp;<a href=\"https:\/\/x.com\/search?q=%24KDLY&amp;src=ctag\">$KDLY<\/a>&nbsp;UTXO management is like treasury-squared<\/p>\n<p>1)&nbsp;<a href=\"https:\/\/x.com\/search?q=%24KDLY&amp;src=ctag\">$KDLY<\/a>&nbsp;raises with converts\/ATMs uplift from their own mNAV premium<\/p>\n<p>2)&nbsp;<a href=\"https:\/\/x.com\/search?q=%24KDLY&amp;src=ctag\">$KDLY<\/a>&nbsp;invests: private placement, PIPEs, converts, stock of treasury cos which invest in BTC increasing their BTC\/share.<\/p>\n<p><a href=\"https:\/\/x.com\/search?q=%24KDLY&amp;src=ctag\">$KDLY<\/a>&nbsp;increases indirect btc\/share^2<\/td>\n<\/tr>\n<tr>\n<td height=\"3\" colspan=\"4\" style=\"font-size: 0px; line-height: 0px;\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\"><a href=\"https:\/\/x.com\/adam3us\/status\/1921901277161681155?s=43\" style=\"font-family: Helvetica, Arial, san-serif; color: rgb(102, 119, 133); font-size: 14px; line-height: 18px; text-decoration: none;\">5\/12\/25, 7:12\u202fAM<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<td width=\"18\" style=\"font-size: 0px; line-height: 0px; min-width: 18px;\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" height=\"12\" style=\"font-size: 0px; line-height: 0px;\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><\/a><\/div>\n<p><br id=\"lineBreakAtBeginningOfSignature\"><\/p>\n<div dir=\"ltr\">\n<div dir=\"ltr\"><a href=\"https:\/\/x.com\/anders_\/status\/1921907183320457318?s=43\"><\/p>\n<table cellpadding=\"0\" cellspacing=\"0\" border=\"0\" width=\"500\" bgcolor=\"#ffffff\" style=\"border: 1px solid rgb(204, 214, 221); border-radius: 12px;\">\n<tbody>\n<tr>\n<td colspan=\"3\" height=\"12\" style=\"font-size: 0px; line-height: 0px;\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td width=\"18\" style=\"font-size: 0px; line-height: 0px; min-width: 18px;\">&nbsp;<\/td>\n<td>\n<table cellpadding=\"0\" cellspacing=\"0\" border=\"0\" width=\"464\" align=\"left\">\n<tbody>\n<tr valign=\"top\">\n<td width=\"48\" valign=\"top\"><a href=\"https:\/\/x.com\/anders_?s=43\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.duck9.com\/wp-content\/uploads\/2025\/05\/xqIjHq5w_normal.jpg\" height=\"48\" width=\"48\" alt=\"xqIjHq5w_normal.jpg\" style=\"border-radius: 50%; padding: 0px;\"><\/a><\/td>\n<td width=\"8\" style=\"font-size: 0px; line-height: 0px; min-width: 8px;\"><img decoding=\"async\" src=\"https:\/\/ea.twimg.com\/email\/self_serve\/media\/spacer.png\" width=\"8\" data-unique-identifier=\"\"><\/td>\n<td valign=\"middle\" width=\"388\" style=\"min-width: 388px;\">\n<table cellpadding=\"0\" cellspacing=\"0\" border=\"0\" align=\"left\" width=\"388\">\n<tbody>\n<tr>\n<td align=\"left\" width=\"388\"><b><a href=\"https:\/\/x.com\/anders_?s=43\" style=\"font-family: Helvetica, Arial, san-serif; font-size: 14px; line-height: 18px; color: rgb(41, 44, 47); text-decoration: none;\">Anders_ &#x271d;&#xfe0f;&#x1f1e9;&#x1f1f0;&#x1f1fa;&#x1f1f8;&#x1f969;&#x1f969;&#x1f378;<\/a><\/b><\/td>\n<\/tr>\n<tr>\n<td align=\"left\"><a href=\"https:\/\/x.com\/anders_?s=43\" style=\"font-family: Helvetica, Arial, san-serif; font-size: 14px; line-height: 18px; text-decoration: none; color: rgb(126, 140, 152);\">\u2066\u202a@Anders_\u202c\u2069<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<td valign=\"top\" width=\"20\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ea.twimg.com\/email\/self_serve\/media\/logo_twitter-1497383721365.png\" height=\"20\" width=\"24\" data-unique-identifier=\"\"><\/td>\n<\/tr>\n<tr>\n<td height=\"9\" colspan=\"4\" style=\"font-size: 0px; line-height: 0px;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ea.twimg.com\/self_serve\/media\/spacer_464x1-1582829598167.png\" width=\"464\" height=\"1\" data-unique-identifier=\"\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"font-family: Helvetica, Arial, san-serif; color: rgb(41, 44, 47); font-size: 18px; line-height: 24px;\"><a href=\"https:\/\/x.com\/adam3us\">\u2066\u202a@adam3us\u202c\u2069<\/a>&nbsp;<a href=\"https:\/\/x.com\/saylor\">\u2066\u202a@saylor\u202c\u2069<\/a>&nbsp;<a href=\"https:\/\/x.com\/DavidFBailey\">\u2066\u202a@DavidFBailey\u202c\u2069<\/a>&nbsp;What\u2019s the mNAV looking like at different share prices currently?<\/p>\n<p>When can yield start?<\/p>\n<p>Or if mNAV estimate can not be established, what is people using to estimate value?<\/td>\n<\/tr>\n<tr>\n<td height=\"3\" colspan=\"4\" style=\"font-size: 0px; line-height: 0px;\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\"><a href=\"https:\/\/x.com\/anders_\/status\/1921907183320457318?s=43\" style=\"font-family: Helvetica, Arial, san-serif; color: rgb(102, 119, 133); font-size: 14px; line-height: 18px; text-decoration: none;\">5\/12\/25, 7:35\u202fAM<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<td width=\"18\" style=\"font-size: 0px; line-height: 0px; min-width: 18px;\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" height=\"12\" style=\"font-size: 0px; line-height: 0px;\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><\/a><\/div>\n<p><br id=\"lineBreakAtBeginningOfSignature\"><\/p>\n<div dir=\"ltr\">\n<div dir=\"ltr\"><a href=\"https:\/\/x.com\/anders_\/status\/1921905361394512322?s=43\"><\/p>\n<table cellpadding=\"0\" cellspacing=\"0\" border=\"0\" width=\"500\" bgcolor=\"#ffffff\" style=\"border: 1px solid rgb(204, 214, 221); border-radius: 12px;\">\n<tbody>\n<tr>\n<td colspan=\"3\" height=\"12\" style=\"font-size: 0px; line-height: 0px;\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td width=\"18\" style=\"font-size: 0px; line-height: 0px; min-width: 18px;\">&nbsp;<\/td>\n<td>\n<table cellpadding=\"0\" cellspacing=\"0\" border=\"0\" width=\"464\" align=\"left\">\n<tbody>\n<tr valign=\"top\">\n<td width=\"48\" valign=\"top\"><a href=\"https:\/\/x.com\/anders_?s=43\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.duck9.com\/wp-content\/uploads\/2025\/05\/xqIjHq5w_normal-1.jpg\" height=\"48\" width=\"48\" alt=\"xqIjHq5w_normal.jpg\" style=\"border-radius: 50%; padding: 0px;\"><\/a><\/td>\n<td width=\"8\" style=\"font-size: 0px; line-height: 0px; min-width: 8px;\"><img decoding=\"async\" src=\"https:\/\/ea.twimg.com\/email\/self_serve\/media\/spacer.png\" width=\"8\" data-unique-identifier=\"\"><\/td>\n<td valign=\"middle\" width=\"388\" style=\"min-width: 388px;\">\n<table cellpadding=\"0\" cellspacing=\"0\" border=\"0\" align=\"left\" width=\"388\">\n<tbody>\n<tr>\n<td align=\"left\" width=\"388\"><b><a href=\"https:\/\/x.com\/anders_?s=43\" style=\"font-family: Helvetica, Arial, san-serif; font-size: 14px; line-height: 18px; color: rgb(41, 44, 47); text-decoration: none;\">Anders_ &#x271d;&#xfe0f;&#x1f1e9;&#x1f1f0;&#x1f1fa;&#x1f1f8;&#x1f969;&#x1f969;&#x1f378;<\/a><\/b><\/td>\n<\/tr>\n<tr>\n<td align=\"left\"><a href=\"https:\/\/x.com\/anders_?s=43\" style=\"font-family: Helvetica, Arial, san-serif; font-size: 14px; line-height: 18px; text-decoration: none; color: rgb(126, 140, 152);\">\u2066\u202a@Anders_\u202c\u2069<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<td valign=\"top\" width=\"20\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ea.twimg.com\/email\/self_serve\/media\/logo_twitter-1497383721365.png\" height=\"20\" width=\"24\" data-unique-identifier=\"\"><\/td>\n<\/tr>\n<tr>\n<td height=\"9\" colspan=\"4\" style=\"font-size: 0px; line-height: 0px;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ea.twimg.com\/self_serve\/media\/spacer_464x1-1582829598167.png\" width=\"464\" height=\"1\" data-unique-identifier=\"\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"font-family: Helvetica, Arial, san-serif; color: rgb(41, 44, 47); font-size: 18px; line-height: 24px;\">What\u2019s the mNAV looking like at different share prices currently?<\/p>\n<p>When can yield start?<\/p>\n<p>Or if mNAV estimate can not be established, what is people using to estimate value?<\/td>\n<\/tr>\n<tr>\n<td height=\"3\" colspan=\"4\" style=\"font-size: 0px; line-height: 0px;\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\"><a href=\"https:\/\/x.com\/anders_\/status\/1921905361394512322?s=43\" style=\"font-family: Helvetica, Arial, san-serif; color: rgb(102, 119, 133); font-size: 14px; line-height: 18px; text-decoration: none;\">5\/12\/25, 7:28\u202fAM<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<td width=\"18\" style=\"font-size: 0px; line-height: 0px; min-width: 18px;\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" height=\"12\" style=\"font-size: 0px; line-height: 0px;\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><\/a><\/div>\n<p><br id=\"lineBreakAtBeginningOfSignature\"><\/p>\n<div dir=\"ltr\"><a href=\"https:\/\/x.com\/nakamoto_hq\/status\/1921883216102801561?s=43\"><\/p>\n<table cellpadding=\"0\" cellspacing=\"0\" border=\"0\" width=\"500\" bgcolor=\"#ffffff\" style=\"border: 1px solid rgb(204, 214, 221); border-radius: 12px;\">\n<tbody>\n<tr>\n<td colspan=\"3\" height=\"12\" style=\"font-size: 0px; line-height: 0px;\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td width=\"18\" style=\"font-size: 0px; line-height: 0px; min-width: 18px;\">&nbsp;<\/td>\n<td>\n<table cellpadding=\"0\" cellspacing=\"0\" border=\"0\" width=\"464\" align=\"left\">\n<tbody>\n<tr valign=\"top\">\n<td width=\"48\" valign=\"top\"><a href=\"https:\/\/x.com\/nakamoto_hq?s=43\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.duck9.com\/wp-content\/uploads\/2025\/05\/4NbAQ8TY_normal.jpg\" height=\"48\" width=\"48\" alt=\"4NbAQ8TY_normal.jpg\" style=\"border-radius: 50%; padding: 0px;\"><\/a><\/td>\n<td width=\"8\" style=\"font-size: 0px; line-height: 0px; min-width: 8px;\"><img decoding=\"async\" src=\"https:\/\/ea.twimg.com\/email\/self_serve\/media\/spacer.png\" width=\"8\" data-unique-identifier=\"\"><\/td>\n<td valign=\"middle\" width=\"388\" style=\"min-width: 388px;\">\n<table cellpadding=\"0\" cellspacing=\"0\" border=\"0\" align=\"left\" width=\"388\">\n<tbody>\n<tr>\n<td align=\"left\" width=\"388\"><b><a href=\"https:\/\/x.com\/nakamoto_hq?s=43\" style=\"font-family: Helvetica, Arial, san-serif; font-size: 14px; line-height: 18px; color: rgb(41, 44, 47); text-decoration: none;\">Nakamoto<\/a><\/b><\/td>\n<\/tr>\n<tr>\n<td align=\"left\"><a href=\"https:\/\/x.com\/nakamoto_hq?s=43\" style=\"font-family: Helvetica, Arial, san-serif; font-size: 14px; line-height: 18px; text-decoration: none; color: rgb(126, 140, 152);\">\u2066\u202a@Nakamoto_HQ\u202c\u2069<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<td valign=\"top\" width=\"20\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ea.twimg.com\/email\/self_serve\/media\/logo_twitter-1497383721365.png\" height=\"20\" width=\"24\" data-unique-identifier=\"\"><\/td>\n<\/tr>\n<tr>\n<td height=\"9\" colspan=\"4\" style=\"font-size: 0px; line-height: 0px;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ea.twimg.com\/self_serve\/media\/spacer_464x1-1582829598167.png\" width=\"464\" height=\"1\" data-unique-identifier=\"\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"font-family: Helvetica, Arial, san-serif; color: rgb(41, 44, 47); font-size: 18px; line-height: 24px;\">hello world<\/p>\n<p><a href=\"https:\/\/t.co\/UQNX71ra8r\">nakamoto.com<\/a><\/td>\n<\/tr>\n<tr>\n<td height=\"3\" colspan=\"4\" style=\"font-size: 0px; line-height: 0px;\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\"><a href=\"https:\/\/x.com\/nakamoto_hq\/status\/1921883216102801561?s=43\" style=\"font-family: Helvetica, Arial, san-serif; color: rgb(102, 119, 133); font-size: 14px; line-height: 18px; text-decoration: none;\">5\/12\/25, 6:00\u202fAM<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<td width=\"18\" style=\"font-size: 0px; line-height: 0px; min-width: 18px;\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" height=\"12\" style=\"font-size: 0px; line-height: 0px;\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><\/a><\/div>\n<p><br id=\"lineBreakAtBeginningOfSignature\"><\/p>\n<div dir=\"ltr\">Sentences Change Worlds<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/x.com\/saylor\/status\/1921890376081617271?s=43\"><\/p>\n<table cellpadding=\"0\" cellspacing=\"0\" border=\"0\" style=\"border:1px solid #ccd6dd; border-radius: 12px;\" width=\"500\" bgcolor=\"#ffffff\">\n<tbody>\n<tr>\n<td colspan=\"3\" style=\"font-size: 0px; line-height: 0px;\" height=\"12\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td width=\"18\" style=\"font-size: 0px; line-height: 0px; min-width: 18px;\">&nbsp;<\/td>\n<td>\n<table cellpadding=\"0\" cellspacing=\"0\" border=\"0\" width=\"464\" align=\"left\">\n<tbody>\n<tr valign=\"top\">\n<td width=\"48\" valign=\"top\"><a href=\"https:\/\/x.com\/saylor?s=43\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/profile_images\/1485632175932383235\/8t0DGo6V_normal.jpg\" style=\"border-radius: 50%; padding: 0px;\" height=\"48\" width=\"48\" data-unique-identifier=\"\"><\/a><\/td>\n<td width=\"8\" style=\"font-size: 0px; line-height: 0px; min-width:8px;\"><img decoding=\"async\" src=\"https:\/\/ea.twimg.com\/email\/self_serve\/media\/spacer.png\" width=\"8\" data-unique-identifier=\"\"><\/td>\n<td valign=\"middle\" width=\"388\" style=\"min-width: 388px;\">\n<table cellpadding=\"0\" cellspacing=\"0\" border=\"0\" align=\"left\" width=\"388\">\n<tbody>\n<tr>\n<td align=\"left\" width=\"388\"><b><a href=\"https:\/\/x.com\/saylor?s=43\" style=\"font-family: Helvetica, Arial, san-serif; font-size: 14px; line-height: 18px; color: #292c2f; text-decoration: none;\">Michael Saylor<\/a><\/b><\/td>\n<\/tr>\n<tr>\n<td align=\"left\"><a href=\"https:\/\/x.com\/saylor?s=43\" style=\"font-family: Helvetica, Arial, san-serif; font-size: 14px; line-height: 18px; text-decoration: none; color: #7e8c98;\">\u2066\u202a@saylor\u202c\u2069<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<td valign=\"top\" width=\"20\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ea.twimg.com\/email\/self_serve\/media\/logo_twitter-1497383721365.png\" height=\"20\" width=\"24\" data-unique-identifier=\"\"><\/td>\n<\/tr>\n<tr>\n<td height=\"9\" colspan=\"4\" style=\"font-size: 0px; line-height:0px;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ea.twimg.com\/self_serve\/media\/spacer_464x1-1582829598167.png\" width=\"464\" height=\"1\" data-unique-identifier=\"\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"font-family: Helvetica, Arial, san-serif;color: #292c2f; font-size: 18px; line-height: 24px; text-decoration: none;\">&#8220;We believe a future is coming where every balance sheet \u2013 public or private \u2013 holds Bitcoin. Nakamoto seeks to be the first publicly traded conglomerate designed to accelerate that,\u201d said <a href=\"https:\/\/x.com\/DavidFBailey\">\u2066\u202a@DavidFBailey\u202c\u2069<\/a>, Founder and CEO of Nakamoto. <a href=\"https:\/\/x.com\/search?q=%24KDLY&amp;src=ctag\">$KDLY<\/a><br \/><a href=\"https:\/\/t.co\/5bMwkziOtr\"><span>businesswire.com\/news\/home\/2025\u2026<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td height=\"3\" colspan=\"4\" style=\"font-size: 0px; line-height:0px;\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\"><a href=\"https:\/\/x.com\/saylor\/status\/1921890376081617271?s=43\" style=\"font-family: Helvetica, Arial, san-serif;color: #667785; font-size: 14px; line-height: 18px; text-decoration:none;\">5\/12\/25, 6:29\u202fAM<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<td width=\"18\" style=\"font-size: 0px; line-height: 0px; min-width: 18px;\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"font-size: 0px; line-height: 0px;\" height=\"12\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><\/a><\/div>\n<p><img decoding=\"async\" alt=\"image0.jpeg\" src=\"https:\/\/www.duck9.com\/wp-content\/uploads\/2025\/05\/image0-26.jpeg\"><\/p>\n<div><span style=\"-webkit-tap-highlight-color: rgba(0, 0, 0, 0);\"><br \/><\/span><\/div>\n<div><span style=\"-webkit-tap-highlight-color: rgba(0, 0, 0, 0);\"><img decoding=\"async\" alt=\"image1.png\" src=\"https:\/\/www.duck9.com\/wp-content\/uploads\/2025\/05\/image1-8.png\"><img decoding=\"async\" alt=\"image2.jpeg\" src=\"https:\/\/www.duck9.com\/wp-content\/uploads\/2025\/05\/image2-22.jpeg\"><img decoding=\"async\" alt=\"image3.jpeg\" src=\"https:\/\/www.duck9.com\/wp-content\/uploads\/2025\/05\/image3-19.jpeg\"><img decoding=\"async\" alt=\"image4.jpeg\" src=\"https:\/\/www.duck9.com\/wp-content\/uploads\/2025\/05\/image4-16.jpeg\"><img decoding=\"async\" alt=\"image5.jpeg\" src=\"https:\/\/www.duck9.com\/wp-content\/uploads\/2025\/05\/image5-12.jpeg\"><br id=\"lineBreakAtBeginningOfSignature\"><\/span><\/p>\n<div dir=\"ltr\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; &nbsp; Adam Back \u2066\u202a@adam3us\u202c\u2069 \u2066\u202a@saylor\u202c\u2069&nbsp;\u2066\u202a@DavidFBailey\u202c\u2069&nbsp;$KDLY&nbsp;UTXO management is like treasury-squared 1)&nbsp;$KDLY&nbsp;raises with converts\/ATMs uplift from their own mNAV premium 2)&nbsp;$KDLY&nbsp;invests: private placement, PIPEs, converts, stock of treasury cos which invest in BTC increasing their BTC\/share. $KDLY&nbsp;increases indirect btc\/share^2 &nbsp; 5\/12\/25, 7:12\u202fAM &nbsp; &nbsp; &nbsp; &nbsp; Anders_ &#x271d;&#xfe0f;&#x1f1e9;&#x1f1f0;&#x1f1fa;&#x1f1f8;&#x1f969;&#x1f969;&#x1f378; \u2066\u202a@Anders_\u202c\u2069 \u2066\u202a@adam3us\u202c\u2069&nbsp;\u2066\u202a@saylor\u202c\u2069&nbsp;\u2066\u202a@DavidFBailey\u202c\u2069&nbsp;What\u2019s the mNAV looking like at different [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":33458,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-33457","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/posts\/33457","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/comments?post=33457"}],"version-history":[{"count":0,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/posts\/33457\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/media\/33458"}],"wp:attachment":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/media?parent=33457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/categories?post=33457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/tags?post=33457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}