Crypto treasury mNAV metric ‘needs to be deleted’ — NYDIG

The crypto industry is urged to stop using the market to net asset value (mNAV) metric, deemed inaccurate and misleading by NYDIG's global head of research, Greg Cipolaro. He argues that the industry definition of mNAV should be forgotten, as it fails to reflect companies that engage in business beyond merely holding crypto, misrepresenting their convertible debt. While mNAV is utilized by traders and investors to evaluate companies by comparing crypto holdings to market capitalization, Cipolaro claims it misleads investors by not accounting for operations outside of crypto and regarding convertible debt as equity without proper evaluation. He also highlighted a recent merger involving Semler Scientific, noting that this adds complexity to NAV and stock trading dynamics, emphasizing the need for proper metrics that accurately represent financial realities in the sector.

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