On June 24, 2025, a blogger using the Pledditor handle published an X post that kicks off like this: Bitcoin did go to $1,000,000 this cycle, it’s just the value wasn’t captured by “you”. It was captured by “them”. Then, Pledditor explains how 10x mNAV may help Bitcoin pioneers holding substantial amounts of Bitcoin to trade BTC at $1,000,000. How realistic is this scheme?
A sleuth using the Pledditor moniker on Twitter made headlines in 2023 when they shared deleted tweets of Coinbase CEO Brian Armstrong. The person behind this account is an avid critic of Bitcoin treasury companies, which they refer to as “grift.” It’s worth saying that Pledditor is far from being a Bitcoin skeptic; rather, they advocate for self-custody and a DIY approach in general.
What is the scheme described by Pledditor?
In a recent Twitter thread, Pledditor dissects how the “Bitcoin OGs” (i.e., David Bailey, Adam Back, Ten31, Swan, and others) can trade Bitcoin at one million during the current cycle.
In the post, Pledditor describes the way the early Bitcoin holders with huge bags can securitize their holdings. According to them, they may launch a Strategy-like treasury company and hype up people on Twitter, urging them to buy their stocks. They may do it themselves or via a third-party frontman (“influencer”).
As soon as the market net asset value reaches ten, the company founder may exit the common stock while keeping preferred shares for themselves. Given that the mNAV is 10 and the BTC price is $100,000, the company founder technically sells their bitcoins at $1,000,000 while not fully departing with their bitcoins thanks to keeping preferred shares.
In the following tweets, Pledditor adds that the base Bitcoin for such ventures is coming from “Bitcoin OGs,” not even from the OTC desk. So, the impact on the market BTC price is zero. Pledditor concludes, “They tell you buying common gives you __ amount of BTC per share, when in reality *they* own all the preferreds, *they* own the BTC.”
Earlier, Pleddior replied “Correct” to a tweet saying that Strategy is an exit scam for executives and Bitcoin OGs.
Likening treasuries to SPACs
On top of that, in the post, Pledditor compares the treasury companies to Special-purpose acquisition companies (SPACs). Lately, this comparison has been occurring across the crypto Twitter repeatedly; Pledditor is not the only one to bring it up.
SPACs, or special purpose acquisition companies, are shell companies created to raise capital via IPOs to merge with a public company or to acquire it. SPACs have no operations. SPACs may be seen as an attractive way to release shares without having to go through the normal disclosures required for companies going public.
Two waves of SPAC popularity (in the late 2000s and the early 2020s) ended up rough for retail investors. Most of the time, they saw negative return rates for years. One of the latest popular SPACs was the 2024 Trump Media company merging with Digital World Acquisition Corp. Currently, the DJT stock is traded well below the merging period price.
No wonder the comparison between SPACs and treasuries is unfavorable and hints at the lack of real, practical purpose behind companies like Strategy, Metaplanet, and their copycats. Both SPACs and treasuries don’t produce anything and have only a speculative value.
While Strategy’s Bitcoin strategy raises concerns as it may seem too risky, Goldman Sachs analysts claimed Bitcoin has to dip 50% to put the company at real risk. According to Fakhul Miah from Go Mining Institutional, newer Bitcoin treasuries don’t have proper safeguards. If the BTC price goes below $90,000, it may trigger liquidations and a ripple effect that will affect bigger treasuries too. More than that, as regulation will allow companies to hold BTC self-custody, Bitcoin ETFs and stocks of Bitcoin treasuries may lose their attraction for corporations.
However, some Bitcoin enthusiasts find Michael Saylor’s lack of interest in Bitcoin adoption disturbing. While he is advertising Bitcoin and urging everyone to buy Bitcoin, whatever it costs, Strategy is busy selling MSTR stocks, not exposing investors to direct Bitcoin ownership.
Which treasuries can boast 10x mNAV?
While most treasuries’ mNAV rate doesn’t exceed a 3.0 mark, several companies already reached the threshold brought up by Pledditor in the post. On June 6, 2025, NYDIG shared the mNAV rates based on the SEC filings. It indicates that GameStop and Nakamoto have mNAV rates above the 10 mark, while Metaplanet and Strive are near this value, with 7.6 and 9.1 rates, respectively. It’s worth saying that GameStop is leading the charge mostly because it had a substantial market cap before allocating Bitcoin, and the BTC share of GameStop’s reserve is relatively small.
Was the Pledditor’s post aimed directly at David Bailey, whose company Nakamoto has an mNAV rate above 10? Probably so. The amount of criticism towards Bitcoin treasuries grows accordingly with the number of companies following the footsteps of Strategy. Time will show who’s right.
