As reported by Bijié Wǎng, mNAV has become a standard valuation metric for Bitcoin treasury holdings of companies like MicroStrategy, comparing enterprise value to Bitcoin holdings to indicate market premiums or discounts. However, analysts warn that mNAV oversimplifies risks, such as convertible bond refinancing threats and operational business value. NYDIG's Greg Cipolaro criticized mNAV for having 'serious flaws' and urged improvements to better reflect the capital structure complexities of these companies during their development.
Analysts Highlight Limitations of mNAV as Bitcoin Treasury Metric
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