Just read the @Croesus_BTC document on their new metric P/BYD (pronounced p-bid) Firstly, I am super happy that $SWC is putting this sort of stuff out there to move the whole industry forward - it really enhances the MSTR (US), MTPL (JP) and SWC (UK) as the top 3 narrative. Secondly I really like the metric as an improved version of Days to Cover, focusing specifically on the BTC Yield over set time periods, the 'n' value. Initially I was skeptical reading it (as I have been of the Days to Cover metric) as P/BYD assumes the same level of growth can be maintained. But as Jesse points out, both SWC and MTPL have actually accelerated growth more recently on the P/BYD metric. Tracking and looking at P/BYD over different time periods is how you can get a better read of it. I.e. I imagine you will need to look at a 30 day P/BYD, QTD, YTD, H1, and 1Y P/BYD. Very interested in others thoughts on this.