“Days to Cover mNAV” Metric Sheds Light on Bitcoin Equity Valuations

As bitcoin (BTC) gains traction as a mainstream institutional asset, many public companies have started to add BTC to their balance sheets, sparking fresh interest in leveraged bitcoin equities (LBEs).

But soaring valuations raise a crucial question: which companies are actually justifying their premiums by steadily accumulating bitcoin, and which are relying mainly on investor hype?

A new analytical metric called “Days to Cover mNAV” aims to answer this by measuring the time it would take for a company to stack enough bitcoin—at its current accumulation rate—to match its market cap relative to net asset value (mNAV).

Using the formula Days to Cover = ln(mNAV) / ln(1 + BTC Yield), which factors in compounding returns, this measure offers a forward-looking view on how quickly a company’s bitcoin holdings could justify its stock price.

According to data highlighted by Microstrategist, industry leader Strategy (MSTR) has an mNAV of 2.1 but a low daily BTC yield of 0.12%, implying it would take over 600 days to “cover” its valuation through bitcoin accumulation.

In contrast, newer entrants such as MetaPlanet (3350) and The Blockchain Group (ALTBG) are rapidly stacking BTC with daily yields near 1.5%, enabling them to support higher mNAVs (5.08 and 9.4, respectively) in under half a year—just 110 and 152 days. Semler Scientific (SMLR) also shows a solid 114 Days to Cover with an mNAV of 1.5 and 0.33% daily yield.

The trend over the past eight months shows fast accumulators tightening the gap with more established companies, gaining increased investor attention for their ability to leverage BTC compounding into tangible valuation gains.

In a market known for volatility and rapid shifts, Days to Cover mNAV emerges as a vital tool to assess the sustainability and growth prospects of bitcoin-integrated equities.