$BTC Is Trading at ~$0.13 per $1 of Model-Implied Present Value 25.9% IRR • +$424K NPV per BTC • 7.5× Present Value I’ve evaluated capital as an engineer, CFO, investor, trader, and business owner. Treat Bitcoin like a 15-year capital project: Spot investment: $64.7K Cost of capital: 10% Year-15 P10 value: $2.04M Assume Bitcoin never returns to trend and only compounds along its model-implied P10 floor. IRR: 25.9% NPV: +$424K per BTC Present value: $488K Purchase price: $0.13 per $1 of present value PV multiple: 7.5× Bitcoin pays no dividend. All modeled appreciation accumulates in the terminal value. Its model-implied P10 floor is currently rising about $56 per day: 1 BTC: +$20.4K/year 10 BTC: +$204K/year 21 BTC: +$429K/year 100 BTC: +$2.04M/year The P10 floor is model-derived