'Days to Cover mNAV,' Emerges as The New Standard for Evaluating Bitcoin Equities

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). But with valuations soaring, the key question remains: which companies are genuinely earning their premiums through consistent BTC accumulation, and which are simply coasting on reputation? A new metric, “Days to Cover mNAV,” is emerging as a sharp analytical tool to answer this. 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)—accounts for compounding, providing a forward-looking, growth-adjusted view of a company’s valuation source: https://www.coindesk.com/markets/2025/05/21/days-to-cover-mnav-the-new-standard-for-evaluating-bitcoin-equities