Nydig urges Buyries from Bitcoin to abandon the “misleading” MNAV metric

By Hannah Pérez

The Mnav is “misleading” he Better cases and “dishonest” on the worst, said a Nydig research chief. The comment occurred after the historical fusion of Semler Scientific and Stive, both with Bitcoin treasures.

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• The Mnav is “misleading” the best of cases and “dishonest” at the worst, said Nydig.
• The metric is calculated by dividing the valuation of a company by the value of its crypto reserves.
• Historical fusion between Semler Scientific and Stive, both with Bitcoin treasury, motivated the comments.
• Crypto treasureries face a “descending spiral” due to Mnav collapse.

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The Nydig financial research firm has issued an urgent call to companies with cryptocurrency treasures to stop using the MNAV metric, arguing that it is “misleading“In the best case and”dishonest“In the worst.

The MNAV metric (the acronym for multiple of the net value of the assets), is calculated by dividing the market capitalization of a company between the value of its cryptocurrency reserves, has been a pillar to evaluate the stability of these firms, but NYDIG warns that it generates a false impression of solidity and amplifies systemic risks in a saturated sector.

Greg Cipolaro, Global Nydig Research Chief, criticized the MNAV in a recent note, stating: “In the best case, it is misleading; In the worst, it is dishonest“and urged its total elimination of industry reports.

Nydig says that Mnav Failure metric

According to Nydig, the MNAV fails by not considering the operational businesses or other assets that most large companies with cryptocurrency treasures have, known as Digital Asset Treasuries (DAT), which generate value beyond their holdings in Bitcoin. In addition, use “assumed in circulation actions”That may include unknown convertible debt, which distorts reality.

“Convertible holders would demand effective, not actions, in exchange for their debt. This is a much more onerous responsibility for a DAT that simply issue actions“Cipolaro explained. He added that this convertible debt essentially”Volatility harvest”(Debt more purchase options), encourage DAT to maximize the volatility of their Equityexacerbating instabilities.

Nydig’s call arises in the midst of a crisis in the DAT sector, which has entered a “descending spiral“Due to the collapse of the MNAV. Data of Artemis Analytics They reveal a three -month landslide in the treasury MNAVs in Bitcoin (BTC), Ethereum (Eth) and Solarium (Sun), reaching minimums in September, in line with a correction in market prices.

Several prominent firms have fallen below the critical level of 1.0, which prevents its expansion by not being able to raise funds with premium to buy more crypto. The bank Standard Chartered This attributes to the saturation of the market. The acquisition strategy of Bitcoin of Strategy He inspired more than 200 similar companies to incorporate cryptocurrencies as treasury reserve assets, and many of them now fight for sustainability, forcing an inevitable consolidation. Dominant players like Strategy and Bitmine It is expected to absorb weaker competitors with low valuations.

Strategy and other examples of Mnav falls

Examples illustrate fragility: the MNAV of Strategy It fell from more than 6.0x in 2021 to less than 2.0X in mid -2025, suggesting a loss of investment confidence and dilution problems. The company directed by Michael Saylor saw its Christmas multiple descend from 1.75x in June to 1.24x in September, limiting its purchases of Bitcoin.

Another dramatic case is the collapse of the Naka action of Kindlymdwhich collapsed 55% in one day and 96% since May. The historical detractor of cryptocurrencies, Peter Schiff, compared the model with “Ponzi schemes built on a pyramid“, Citing the Naka case as an inherent risk test.

In contrast, treasury focused on Ethereum They show resilience thanks to the yields of Stakingwhich provide additional income and highlight the value of performance generating strategies for sustainability. Cipolaro emphasized that “The decorous difference between the prices of the actions and the crypto assets has made the most fragile sector, with inverting concerns on tokens unlocks, changes in corporate direction and lack of unique treasury approaches contributing to the decline“

Historical fusion between two dat

The immediate context includes the historic acquisition of Semler Scientific (SMLR) by Strive Asset Management (ASST) In an agreement all in actions, the first fusion between two DAT with Bitcoincreating an entity combined with more than 10,900 BTC in Treasury and increasing the NA NA by action – Visto by DAT investors as a measure of “performance“

Currently, there are 194 public signatures with some type of treasury of Bitcoin that jointly control more than 1 million BTC, and many quote below their MNAV, suggesting more imminent acquisitions.

While Nydig recommends abandoning the MNAV, Standard Chartered it predicts that only a few will maintain mnav cousins ​​through disciplined and creative strategies, with the smallest possibly facing a “Death spiral”With depressed Mnavs. The ability to combine crypto accumulation with operational strength will determine the success of the DAT in the changing environment.

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Article written with the help of AI, edited by Diariobitcoin

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