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NYDIG Calls for Bitcoin Treasury Companies to Drop 'Misleading' mNAV Metric

NYDIG has raised concerns regarding the use of the 'mNAV' metric, arguing that it misrepresents the value of bitcoin treasury firms. This metric, calculated as market cap divided by crypto held, does not account for the operational businesses that many firms have, which contribute additional value. NYDIG's Global Head of Research, Greg Cipolaro, stated that mNAV is at best misleading and at worst disingenuous. The metric also uses assumed shares outstanding, including potentially misleading figures from convertible debt not yet converted. Currently, with many bitcoin treasury firms trading below their mNAV, the situation may lead to further acquisitions in the sector. This context follows Strive Asset Management's acquisition of Semler Scientific, which highlighted these challenges in valuing digital asset treasuries.

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