Bitcoin Treasury companies (BTC) require improved appreciation measurement: Nydig
A tsunami of the new bitcoin
Treasury companies – companies that are almost exclusively offering themselves in the accumulation of bitcoin – have flooded the market.
Since all of them are more or less in compliance with the strategy playbook (MSTR), the questions rise about the best ways to appreciate them, and compare them with each other.
“The most important scale for a Bitcoin Treasury is the premium that traded with Kamag -child in its underlying Net Assets, with any operating company,” Greg Cipolaro, Global Head of Research at the Bitcoin Financial Firm Nydig, wrote on a June 6 Report.
On the surface, this means adding bitcoin of bitcoin, cash and enterprise that does not include Bitcoin matters, and reducing obligations such as debt and preferred stock. “This is the premium that allows these companies to convert stock for bitcoins, effectively acting as a money changing that converts shares for bitcoins,” Cipolaro said.
One of the most popular metrics, MNAV, measures a company’s appreciation of the net asset value – in these cases, their Bitcoin Treasury. An MNAV above the 1.0 signal that investors are interested in paying a premium for stock exposure related to its bitcoin stash; However, an MNAV below 1.0 means that equity now costs less than the company’s handling.
But MNAV only is “woefully shortage” to study the strengths and weaknesses of these firms, Cipolaro said. Research report used by other metrics such as the NAV, MNAV measured by market capitalization, MNAV by the value of business, and equity premiums to the NAV to provide a more complex picture.
Ang talahanayan ay nagpapakita, halimbawa, na ang Equity Premium ng Semler Scientific’s (SMLR) at DJT) ng Trump (DJT) na premium sa NAV (na sumusukat sa pagkakaiba -iba ng porsyento sa pagitan ng presyo ng merkado ng pondo at ang halaga ng net asset), ay ang pinakamababa sa walong sinusukat na kumpanya, na papasok sa -10% at -16% ayon sa pagkakabanggit, sa kabila ng katotohanan na ang parehong mga kumpanya ay may isang MNAV In the top 1.1.
Unfortunately, both SMLR and DJT were little modified on Monday even though Bitcoin climbed to $ 108,500 compared to the $ 105,000 level of Friday night. MSTR is higher by just a shy of 5%.
