一个新的指标“覆盖MNAV的日子”正在成为一个尖锐的分析工具，可以回答关键问题：哪些公司真正赚取了保费？

随着比特币（BTC）继续作为机构资产成熟，越来越多的上市公司将BTC纳入其国库券，激发了对所谓杠杆比特币股票（LBES）的重新投资者的兴趣。

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).

随着比特币（BTC）继续其机构整合之旅，越来越多的上市公司将BTC整合到其国库中。此举激发了对所谓杠杆比特币股票（LBE）的新投资者的兴趣。

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，随着BTC的估值激增，几家新公司进入LBE Sphere，一个关键问题是：哪些公司真正通过一致的比特币积累来赚取保费，哪些公司只是在最初的炒作中仅仅在海岸上进行海岸？

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.

一个新的指标“覆盖MNAV的日子”正在成为该域中特别有用的分析工具。它衡量了一家公司在当前的比特币堆叠速度上需要多长时间来积累足够的BTC，以根据其当前净资产价值（MNAV）和每日BTC收益率证明其市值是合理的。公式 - 封面= LN（MNAV） / LN（1 + BTC收益） - 也考虑了更复杂的问题，从而对公司的估值提供了更完整的，增长的调整观点。

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

最新数据点是从MicroStratemist的一篇文章中收集的，并在下表中介绍了此分析。

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.

作为该领域的领先机构，战略（MSTR）的高度为2.1，但每日BTC的产量仅为0.12％，造成了626天的缓慢，以弥补其估值。相比之下，新贵Metaplanet（3350）和区块链组（ALTBG）与1.5％的100天平均BTC收益率迅速复杂化，使它们能够在110和152天内维持更高的MNAV（分别为5.08和9.4）。此外，Semler Scientific（SMLR）的MNAV为1.5，产率为0.33％，展示了有竞争力的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.

这些数字从2024年10月至2025年5月的“覆盖MNAV的日子”进一步阐明，这表明更快的蓄能器正在迅速压缩其覆盖时间，并赶上更具成熟的玩家。尤其是，Metaplanet和Altbg看到投资者的热情升级了，因为它们展示了将BTC复合变成估值上升空间的能力。

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.

在以速度和波动性而闻名的行业中，覆盖MNAV的日子提供了一个清晰，数据驱动的镜头，以评估这些公司的长期可持续性和上升潜力。随着比特币叙事的继续展开，这种颗粒状分析对于驾驶杠杆比特币股票的快速发展的景观变得越来越重要。