NYDIG Calls on Bitcoin Treasury Firms to Abandon ‘Misleading’ mNAV Metric

Greg Cipolaro, global head of research at NYDIG, argued in the report that the commonly used “mNAV” metric (defined as market capitalization divided by cryptocurrency holdings) should be removed from industry reports. The acquisition highlights potential problems with the “mNAV” metric, which is used to assess the value of Bitcoin treasury companies but may be misleading or dishonest.