Torque Adjusted BTC Yield %

Torque Adjusted BTC Yield % (often abbreviated as "TBY") is a metric that shows the efficiency of a company’s bitcoin accumulation in relation to its fully “leveraged” bitcoin exposure, as reflected by the forward market Net Asset Value (Forward mNAV). In plain language: it measures how much new bitcoin a company earned last quarter as a percentage of what its total BTC holdings could be if all its cash was instantly swapped for bitcoin at current prices. The "torque" part refers to the added impact of leverage, capital deployment, or premium market sentiment.

Formula: Torque Adj. BTC Yield (Q2) = (BTC Yield Q2) ÷ Forward mNAV × 100% BTC Yield Q2: The amount of BTC the company added in the most recent quarter. Forward mNAV: The company’s current BTC in treasury plus all cash, as if converted to BTC at current prices (i.e., the hypothetical maximum BTC exposure).

The resulting percentage answers: “How much did the company grow its bitcoin stack last quarter per notional full-exposure BTC unit?”

Why Is This Metric Useful for Beginners?

It shows not just whether a company is growing its BTC, but how efficiently—with all sources of funding, including debt, equity, and retained earnings. It captures “the horsepower to weight ratio” of BTC stacking, not just the raw muscle.

Companies often issue new shares or raise debt to buy more BTC; Torque Adjusted BTC Yield cuts through the hype, showing if those moves actually benefit shareholders or just create dilution.

By expressing BTC yield per unit of forward-adjusted exposure, this metric lets you compare companies of different sizes, capital structures, and strategies—whether their bitcoin stack was built through buying, mining, or financing.

If Torque Adjusted BTC Yield is falling, it may signal that efficiency is slipping due to dilution, poor capital allocation, or slowing operations. Rising or stable yields indicate strong execution.