This is a junk metric.
Imagine:
* REIT valued it by % change in the ratio of acreage owned to shares issued
* Royalty trust valued it by % change in the ratio of oil owned to shares issued
* Social media valued it by % change in the ratio of users to shares issued
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The P/E ratio for Bitcoin treasury companies: P/BYD
Price / Bitcoin Yield Delivered (we've been calling it "p-bid") represents a valuable new metric for #Bitcoin treasury company analysis.
THREAD on how it works & what it reveals about traditional equities...
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