The number of cryptocurrency reserve companies that have gone public has doubled since the start of the year, but many of them have failed to meet their goal of attracting a premium from Wall Street. According to multiple stock trackers, more than a dozen listed companies are worth less than the value of their cryptoassets.
All cryptocurrency reserve companies want their multiple-to-net asset value (mNAV) to be greater than 1. However, unfortunately, some companies fail to reach this level.
To be clear, mNAV does not take into account debt and burden, but simply divides a company's market capitalisation by the value of its holdings. Although this calculation method is relatively simplified, this simple valuation metric is still extremely popular.
Of course, when evaluating more than 160 companies, some rational investors would consider debt, burden, or other risks to justify a mNAV below 1.
Data: More than 10 cryptocurrency reserve companies are worth less than their holdings
2025-08-14 03:04:09
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