Citing Criptonoticias, Matt Hougan, director of investments at Bitwise, outlines three key factors to assess companies holding crypto treasuries. The market is increasingly filled with firms focused on Bitcoin (BTC), ether (ETH), and Solana (SOL) treasuries, but many investors are misvaluing them. Hougan highlights the importance of the mNAV (market net asset value) ratio, which compares a company's market cap to the market value of its crypto holdings. He explains that most such companies trade at a discount due to factors like temporary illiquidity and regulatory constraints. Hougan also identifies four real strategies for companies to trade at a premium, including issuing debt to buy more crypto, lending holdings, using derivatives, and acquiring discounted assets. Larger firms, he notes, have a significant advantage in executing these strategies effectively.
3 Keys to Evaluate Crypto Treasury Companies
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