Greg Cipolaro, head of global research at NYDIG, said the crypto industry should stop using the popular "market-to-net asset value" (mNAV) metric because it is both inaccurate and misleading to investors. "The industry definition of'mNAV 'needs to be removed and forgotten," Cipolaro wrote in a report on Friday. "Market cap-to-bitcoin/digital asset value, the original definition of mNAV, is not a useful metric for any use."
He added that mNAV does not take into account treasury companies that do business in addition to buying and holding large amounts of crypto assets, nor does it properly reflect a company's convertible debt. Traders and investors sometimes use mNAV, also known as a multiple of net asset value, to judge the value of a company and decide when to buy or sell its shares by comparing crypto holdings to market capitalization. Companies that hold crypto assets worth more than their own market capitalization are considered "discount" trades, while companies whose market capitalization is greater than the value of their crypto assets are considered "premium" trades.
NYDIG Director: Crypto Treasury mNAV Indicator "Needs to Be Removed"
2025-09-29 03:09:29
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