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'Days to Cover mNAV,' Emerges as the New Standard for Evaluating Bitcoin Equities
A data driven metric reveals which companies are truly stacking sats and which are lagging behind the valuations investors are giving them.
Updated May 21, 2025, 4:01 p.m. Published May 21, 2025, 9:10 a.m.
What to know:
- MetaPlanet and ALTBG are leading the compounding race, converting high BTC yields (~1.5% daily) into short Days to Cover timelines, justifying aggressive market premiums.
- Strategy (MSTR) lags despite its dominance, with a low BTC yield of 0.12% and a 626-day horizon to earn its mNAV, signaling a slowdown in stacking efficiency.
As bitcoin 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?
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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.
The latest data points from an article by Microstrategist paints a revealing picture: Strategy (MSTR), the institutional leader, holds an mNAV of 2.1 but a low daily BTC yield of just 0.12%, resulting in a sluggish 626 days to cover its valuation.
In contrast, upstarts MetaPlanet (3350) and The Blockchain Group (ALTBG) are compounding rapidly with 100-day average BTC yields near 1.5%, allowing them to support much higher mNAVs (5.08 and 9.4 respectively) in just 110 and 152 days. In addition, Semler Scientific (SMLR), with an mNAV of 1.5 and a yield of 0.33%, posts a competitive 114 Days to Cover.
These figures, reinforced by the “Days to Cover mNAV” chart from October 2024 to May 2025, show a clear trend: faster accumulators are compressing their coverage times and catching up to more established players. MetaPlanet and ALTBG in particular have seen investor enthusiasm surge as they demonstrate the ability to turn BTC compounding into valuation upside.
In a sector defined by speed and volatility, Days to Cover mNAV provides a clear, data-driven lens through which to evaluate long-term sustainability and upside potential.
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- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Institutions are pursuing cash-and-carry arbitrage, not outright bullish plays, Syn said.
Lo que debes saber:
- SGX's bitcoin and ether perpetual futures are building liquidity incrementally, Michael Syn, president of the Singapore exchange, said.
- Institutions are pursuing cash-and-carry arbitrage, not outright bullish plays, he added.
- The exchange's regulated perpetual futures offer improved risk-management practices, avoiding the high-leverage auto-liquidations common in unregulated markets.
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