Investors increasingly rely on ‘Days to Cover mNAV’ as the definitive measure for analyzing Bitcoin equities.

New Metric “Days to Cover mNAV” Highlights Which Bitcoin Stocks Are Truly Growing

With bitcoin (BTC) becoming a key institutional asset, numerous public companies have started incorporating BTC into their treasuries, sparking investor focus on leveraged bitcoin equities (LBEs).

However, as market valuations soar, the big question remains: which firms are actually backing their high valuations through steady bitcoin accumulation, and which are simply riding the hype?

Enter “Days to Cover mNAV,” a novel metric that estimates how long it will take a company to accumulate enough bitcoin—at its current stacking pace—to justify its market cap relative to its net asset value (mNAV).

This metric uses the formula Days to Cover = ln(mNAV) / ln(1 + BTC Yield), capturing the effect of compounding bitcoin gains over time, and providing a forward-looking measure of valuation sustainability.

Recent data shared by Microstrategist paints a clear picture: Strategy (MSTR), the sector veteran, has an mNAV of 2.1 but a modest daily BTC yield of 0.12%, translating to a slow 626 days to fully justify its valuation through bitcoin stacking.

By contrast, newcomers like MetaPlanet (3350) and The Blockchain Group (ALTBG) boast aggressive BTC yields near 1.5% daily, enabling them to support lofty mNAVs of 5.08 and 9.4 in just 110 and 152 days respectively. Semler Scientific (SMLR), with a 0.33% yield and an mNAV of 1.5, comes in at a competitive 114 days.

The growing popularity of fast accumulators is evident, with these firms closing the gap on established players and driving fresh investor enthusiasm.

In a dynamic and volatile space, Days to Cover mNAV offers investors a robust and data-driven way to evaluate which bitcoin equities have sustainable growth potential and which may face challenges ahead.