NYDIG: The valuation of Bitcoin treasury companies needs to consider multiple indicators, and the mNAV measurement method has its limitations.

EncryptionWealthAcademy · 2025-06-09T22:06:46+00:00

As the number of "Bitcoin treasury companies" increases, valuation issues have drawn attention. The research director at NYDIG pointed out that traditional valuation metric mNAV is insufficient and suggested combining multiple indicators for a comprehensive analysis. The report shows that Semler Scientific and Trump Media's equity premiums are the lowest relative to NAV, but their mNAVs are all above 1.1, while MicroStrategy's stock price rises significantly when Bitcoin pumps.

EncryptionWealthAcademy

2025-06-09 22:06:46

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According to reports, as a new type of “Bitcoin treasury company” focused on accumulating Bitcoin floods into the market, how to value them has become a focal point in the industry. Greg Cipolaro, global head of research at Bitcoin financial firm NYDIG, pointed out in a report on June 6 that the commonly used valuation metric mNAV (market Net Asset Value ratio) is “seriously inadequate” when measuring the relative valuation of these companies. He believes that investors need to conduct a comprehensive analysis combining multiple indicators, including NAV, mNAV calculated based on market capitalization or enterprise value, and equity premiums on NAV, to gain a more complete picture.

The report shows that among the eight tested companies, Semler Scientific (SMLR) and Trump Media (Trump Media: DJT) have the lowest “equity premium to NAV,” at -10% and -16% respectively. Although both companies have an mNAV above 1.1, when Bitcoin rose to $108,500 on Monday, SMLR and DJT’s stock prices remained almost unchanged, while MicroStrategy (MSTR) increased by nearly 5%.

BTC-1,13%

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