Are modified net asset value premiums set to collapse? | Opinion
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最新报道：Leading crypto treasury firms like Strategy, Metaplanet, and DeFi Development Corp sustain high modified NAV premiums—trading at 2x to 7x mNAV—through advanced capital structure engineering, not just holding Bitcoin or Ethereum. They use innovative tools like convertible debt and moving-strike warrants to raise capital efficiently, accelerating crypto reserve growth faster than shareholder dilution. For instance, Strategy issued $6.2 billion in convertible debt in 2024, while Metaplanet raised ~$5.4 billion via warrants. Their agility in financial product launches, diversified yield strategies, and strong execution narratives help maintain premiums, which rely on sustained investor trust and results.
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