What happens when mNAV trades <1?

We’ve got a glimpse: $BTCS trades at ~0.8 and their answer is…

A “stake-to-earn” campaign paying dividends in ETH.

Shareholders will get $0.40/share in ETH: about 9.3% yield at today’s $4.3 share price.

They call it the Bividend, but crypto natives have seen these 'tokenomics' many times:

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Step 1: $0.05/share ETH Bividend to new buyers.

- Snapshot: Sept 26

- Incentive: buy in now to pump price

Step 2: $0.35/share Loyalty Payment

- Must hold with 'transfer agent' until Jan 26, 2026

Transfer agent is like a staking contract to take those shares off the circulating supply.

Official goal is to "protect against market manipulation" by lending to short sellers.

Oh, and to promote crypto adoption (wink, wink)

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Where's the ETH coming from?

AFAIK, the ETH comes from BTCS’s treasury (currently holding 70,140 ETH / $300M).

They aren’t dumping ETH, but yield chasers will probably sell.

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Is it working?

Well, BTCS initially pumped on the announcement news but then retraced all the small pump a day later.

So not really. Nope.

BTCS is a small DAT, but this shows the kind of tokenomic games DATs will play when mNAV <1

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