A New Metric, "Days to Cover mNAV", Is Emerging as a Sharp Analytical Tool to Answer the Key Question: Which Companies Are Genuinely Earning Their Premiums?

As bitcoin (BTC) continues to mature as an institutional asset, a growing number of public companies are integrating BTC into their treasuries, sparking renewed investor interest in so-called leveraged bitcoin equities (LBEs).

As bitcoin (BTC) continues its institutional integration journey, a growing number of public companies are integrating BTC into their treasuries. This move has sparked renewed investor interest in so-called leveraged bitcoin equities (LBEs).

However, with BTC valuations surging and several new companies entering the LBE sphere, a key question arises: which companies are genuinely earning their premiums through consistent bitcoin accumulation, and which ones are simply coasting on initial hype?

A new metric, “Days to Cover mNAV,” is emerging as a particularly useful analytical tool in this domain. It measures how long it would take a company, at its current bitcoin stacking pace, to accumulate enough BTC to justify its market cap, based on its current multiple of net asset value (mNAV) and its daily BTC yield. The formula—Days to Cover = ln(mNAV) / ln(1 + BTC Yield)—also takes compounding into account, providing a more complete, growth-adjusted view of the company's valuation.

The latest data points, collected from an article by Microstrategist and presented in the table below, highlight this analysis.

As the leading institution in this space, Strategy (MSTR) boasts a high mNAV of 2.1 but a low daily BTC yield of just 0.12%, contributing to a sluggish 626 days to cover its valuation. In contrast, upstarts MetaPlanet (3350) and The Blockchain Group (ALTBG) are compounding rapidly with 100-day average BTC yields approaching 1.5%, enabling them to sustain much higher mNAVs (5.08 and 9.4 respectively) in just 110 and 152 days. Additionally, Semler Scientific (SMLR), with an mNAV of 1.5 and a yield of 0.33%, showcases a competitive 114 Days to Cover.

These figures are further illuminated by the “Days to Cover mNAV” chart from October 2024 to May 2025, which demonstrates that faster accumulators are quickly compressing their coverage times and catching up to more established players. In particular, MetaPlanet and ALTBG have seen investor enthusiasm escalate as they showcase the ability to translate BTC compounding into valuation upside.

In a sector renowned for speed and volatility, Days to Cover mNAV provides a clear, data-driven lens through which to assess the long-term sustainability and upside potential of these companies. As the bitcoin narrative continues to unfold, this granular analysis becomes increasingly crucial for navigating the rapidly evolving landscape of leveraged bitcoin equities.