一個新的指標“覆蓋MNAV的日子”正在成為一個尖銳的分析工具，可以回答關鍵問題：哪些公司真正賺取了保費？

隨著比特幣（BTC）繼續作為機構資產成熟，越來越多的上市公司將BTC納入其國庫券，激發了對所謂槓桿比特幣股票（LBES）的重新投資者的興趣。

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).

隨著比特幣（BTC）繼續其機構整合之旅，越來越多的上市公司將BTC整合到其國庫中。此舉激發了對所謂槓桿比特幣股票（LBE）的新投資者的興趣。

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?

但是，隨著BTC的估值激增，幾家新公司進入LBE Sphere，一個關鍵問題是：哪些公司真正通過一致的比特幣積累來賺取保費，哪些公司只是在最初的炒作中僅僅在海岸上進行海岸？

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.

一個新的指標“覆蓋MNAV的日子”正在成為該域中特別有用的分析工具。它衡量了一家公司在當前的比特幣堆疊速度上需要多長時間來積累足夠的BTC，以根據其當前淨資產價值（MNAV）和每日BTC收益率證明其市值是合理的。公式 - 封面= LN（MNAV） / LN（1 + BTC收益） - 也考慮了更複雜的問題，從而對公司的估值提供了更完整的，增長的調整觀點。

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

最新數據點是從MicroStratemist的一篇文章中收集的，並在下表中介紹了此分析。

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.

作為該領域的領先機構，戰略（MSTR）的高度為2.1，但每日BTC的產量僅為0.12％，造成了626天的緩慢，以彌補其估值。相比之下，新貴Metaplanet（3350）和區塊鏈組（ALTBG）與1.5％的100天平均BTC收益率迅速復雜化，使它們能夠在110和152天內維持更高的MNAV（分別為5.08和9.4）。此外，Semler Scientific（SMLR）的MNAV為1.5，產率為0.33％，展示了有競爭力的114天。

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.

這些數字從2024年10月至2025年5月的“覆蓋MNAV的日子”進一步闡明，這表明更快的蓄能器正在迅速壓縮其覆蓋時間，並趕上更具成熟的玩家。尤其是，Metaplanet和Altbg看到投資者的熱情升級了，因為它們展示了將BTC複合變成估值上升空間的能力。

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.

在以速度和波動性而聞名的行業中，覆蓋MNAV的日子提供了一個清晰，數據驅動的鏡頭，以評估這些公司的長期可持續性和上升潛力。隨著比特幣敘事的繼續展開，這種顆粒狀分析對於駕駛槓桿比特幣股票的快速發展的景觀變得越來越重要。