‘Days to Cover mNAV’ is establishing itself as the preferred metric for assessing Bitcoin equities.

“Days to Cover mNAV” Becomes a Crucial Metric to Identify Genuine Bitcoin Accumulators Among Public Companies

As bitcoin (BTC) cements its status in institutional portfolios, an increasing number of public companies are incorporating BTC into their treasury holdings, fueling investor enthusiasm around leveraged bitcoin equities (LBEs).

However, soaring valuations raise a critical question: which firms are truly justifying their market caps by consistently stacking bitcoin, and which are benefiting from market hype?

Enter “Days to Cover mNAV”, a new analytical measure designed to assess how long it would take for a company to accumulate enough bitcoin to back its valuation, considering its current multiple of net asset value (mNAV) and daily BTC accumulation rate.

This metric uses the formula:
Days to Cover = ln(mNAV) / ln(1 + BTC Yield),
accounting for compounding growth, to offer a forward-looking perspective on valuation sustainability.

According to recent data from Microstrategist, industry leader Strategy (MSTR) has an mNAV of 2.1 but a modest BTC yield of 0.12%, leading to a lengthy 626 days required to cover its valuation.

In contrast, faster-growing companies like MetaPlanet (3350) and The Blockchain Group (ALTBG) have achieved impressive average daily BTC yields of about 1.5%, enabling them to justify higher mNAVs (5.08 and 9.4 respectively) within just 110 and 152 days. Semler Scientific (SMLR), with an mNAV of 1.5 and a yield of 0.33%, also shows competitive performance, covering its valuation in 114 days.

This evolving data demonstrates that rapid accumulators are catching up quickly with established players, attracting growing investor interest and potentially reshaping the bitcoin equity landscape.

In a sector marked by fast changes and uncertainty, Days to Cover mNAV offers a clear, data-backed tool for investors to evaluate which companies are building sustainable value through bitcoin stacking, and which may be lagging behind.