Adam Back’s “Months To Cover mNAV” Metric Offers New Lens for Bitcoin Treasury Valuation
Summary by The BTC Times
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1 Articles
Adam Back’s “Months To Cover mNAV” Metric Offers New Lens for Bitcoin Treasury Valuation
Blockstream CEO Adam Back has introduced a valuation framework for Bitcoin treasury companies built around the concept of “months to cover mNAV,” a metric that gauges how quickly a firm’s Bitcoin accumulation justifies its market cap.Back’s logic is straightforward: when a company’s BTC-per-share growth (accretion) is fast enough, even a high market-to-net-asset-value (mNAV) multiple can be reasonable.“Accretion rate > yield,” he wrote, emphasiz…
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