New Data Metric Highlights Which Bitcoin-Stacking Companies Justify Their Valuations
As bitcoin (BTC) solidifies its status as an institutional asset, an increasing number of publicly traded companies are adding BTC to their treasuries, fueling investor interest in leveraged bitcoin equities (LBEs).
However, with company valuations surging, a key question persists: which firms are truly earning their premium through consistent bitcoin accumulation, and which are riding on reputation alone?
A novel metric called “Days to Cover mNAV” is emerging as a powerful tool to clarify this. It estimates how many days a company would need, given its current BTC stacking rate, to amass enough bitcoin to justify its market capitalization—based on its multiple of net asset value (mNAV) and daily BTC yield.
The formula—Days to Cover = ln(mNAV) / ln(1 + BTC Yield)—incorporates compounding effects, offering a forward-looking and growth-adjusted assessment of company valuations.
Recent data from Microstrategist paints a telling picture: Market leader Strategy (MSTR) has an mNAV of 2.1 but a modest daily BTC yield of 0.12%, resulting in a lengthy 626 days to fully cover its valuation.
On the other hand, emerging players like MetaPlanet (3350) and The Blockchain Group (ALTBG) boast much faster BTC compounding, with 100-day average yields around 1.5%. This pace lets them support significantly higher mNAVs—5.08 and 9.4 respectively—within just 110 and 152 days. Similarly, Semler Scientific (SMLR) posts a competitive 114 Days to Cover with an mNAV of 1.5 and a daily yield of 0.33%.
Tracking these figures on the Days to Cover mNAV chart from October 2024 through May 2025 reveals a clear trend: rapid accumulators are closing the gap on established firms. Investor enthusiasm has notably increased for MetaPlanet and ALTBG as they demonstrate how compounding bitcoin accumulation can translate into valuation growth.
In an industry defined by rapid change and volatility, Days to Cover mNAV offers investors a precise, data-driven lens to evaluate the long-term sustainability and growth potential of bitcoin-stacking companies.
