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In The Media

months to mNAV cover

by Larry Chiang on May 10, 2025


The “months to mNAV cover” metric, proposed by Adam Back, estimates how long it takes for a company’s Bitcoin holdings to match its market cap based on recent yield. For Metaplanet, with a 2x yield in 3 months and an mNAV of 3.3, it takes about 5 months. This helps assess valuation but assumes steady Bitcoin growth, ignoring volatility and other financial factors like debt. Consider it alongside broader analyses for a full picture.
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