What mNAV Really Tells You About Bitcoin Treasury Companies — and Where It Falls Short

November 30, 2025

What mNAV Really Tells You About Bitcoin Treasury Companies — and Where It Falls Short

NYDIG’s research head questions how mNAV is used to assess bitcoin treasuries, arguing it masks key risks tied to capital structure and equity dilution.

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What mNAV Really Tells You About Bitcoin Treasury Companies — and Where It Falls Short

What mNAV Really Tells You About Bitcoin Treasury Companies — and Where It Falls Short