NYDIG: The mNAV metric often used by Bitcoin treasury firms may be misleading and inaccurate
-
最新报道：According to Bijie.com and ME News, on September 28 (UTC+8), NYDIG Global Research Director Greg Cipolaro released a report stating that the mNAV metric, often used by Bitcoin treasury companies, can be misleading. This is because mNAV fails to account for operating businesses or other assets that the company may own. Furthermore, this metric often uses "assumed shares outstanding," which often includes convertible bonds that have not yet met their conversion conditions, potentially inaccurate data. According to Bijie.com, mNAV is the ratio of market capitalization to net asset value. If mNAV is greater than 1, Bitcoin treasury companies can issue additional shares at a premium and use the proceeds to purchase BTC, thereby increasing their BTC holdings per share and increasing their book value. If mNAV converges to 1 or below, the price of BTC will decline and the secondary market will weaken, shifting the flywheel mechanism from "enhancement" to "dilution," creating a negative feedback loop.
下一篇
Bijie.com Evening Analysis: Dogecoin (DOGE) Price Forecast
- The recent four-hour candlestick chart shows a significant price drop compared to 2025-09-...
24小时热点
热点专题
407042