Institutional experts: mNAV indicator is not suitable for assessing the value of Bitcoin treasury companies.

[Chain News] On September 28, it was reported that Strive Asset Management acquired Semler Scientific through an all-stock transaction to create a merged company with over 10,900 BTC. In this regard, Greg Cipolaro, the global research director of a certain institution, pointed out in a report that the commonly used "mNAV" metric (defined as market capitalization divided by the held Crypto Assets) should be removed from industry reports. This acquisition highlights the potential issues with the "mNAV" metric, which is used to evaluate the value of Bitcoin treasury companies but may be misleading or dishonest. The institution noted that, firstly, mNAV does not take into account the operating businesses or other assets that a Digital Asset Reserve Company (DAT) may have, while most large Bitcoin asset reserve companies do have value-generating businesses. Secondly, mNAV often uses "assumed outstanding shares," which may include convertible bonds that do not meet conversion conditions; convertible bond holders may demand cash repayment, making this liability much heavier for DAT than simply issuing shares, and convertible bonds are essentially volatility arbitrage tools, which would incentivize DAT to maximize equity volatility.