As bitcoin (BTC) continues to mature as an institutional asset, a rising variety of public corporations are integrating BTC into their treasuries, sparking renewed investor curiosity in so-called leveraged bitcoin equities (LBEs).
However with valuations hovering, the important thing query stays: which corporations are genuinely incomes their premiums by constant BTC accumulation, and that are merely coasting on repute?
A brand new metric, “Days to Cowl mNAV,” is rising as a pointy analytical instrument to reply this. It measures how lengthy it might take an organization, at its present bitcoin stacking tempo, to build up sufficient BTC to justify its market cap, based mostly on its present a number of of internet asset worth (mNAV) and its day by day BTC yield.
The method—Days to Cowl = ln(mNAV) / ln(1 + BTC Yield)—accounts for compounding, offering a forward-looking, growth-adjusted view of an organization’s valuation.
The urgent updates knowledge factors from an article by Microstrategist paints a revealing image: Technique (MSTR), the institutional chief, holds an mNAV of two.1 however a low day by day BTC yield of simply 0.12%, leading to a sluggish 626 days to cowl its valuation.
In distinction, upstarts MetaPlanet (3350) and The Blockchain Group (ALTBG) are compounding quickly with 100-day common BTC yields close to 1.5%, permitting them to assist a lot greater mNAVs (5.08 and 9.4 respectively) in simply 110 and 152 days. As well as, Semler Scientific (SMLR), with an mNAV of 1.5 and a yield of 0.33%, posts a aggressive 114 Days to Cowl.
These figures, bolstered by the “Days to Cowl mNAV” chart from October 2024 to Might 2025, present a transparent development: quicker accumulators are compressing their protection occasions and catching as much as extra established gamers. MetaPlanet and ALTBG specifically have seen investor enthusiasm surge as they display the flexibility to show BTC compounding into valuation upside.
In a sector outlined by pace and volatility, Days to Cowl mNAV gives a transparent, data-driven lens by which to judge long-term sustainability and upside potential.