Overview

• In a research note, NYDIG’s Greg Cipolaro called for removing the widely used mNAV metric, which is calculated as market capitalization divided by crypto held.
• The firm argues mNAV overlooks the value of operating businesses and other assets that many Digital Asset Treasuries (DATs) own.
• NYDIG says mNAV often relies on assumed share counts that include unconverted convertible debt, exposing firms to cash repayment demands and encouraging equity volatility.
• The critique follows Strive Asset Management’s all-stock acquisition of Semler Scientific, creating a combined DAT controlling more than 10,900 BTC in the first merger of two bitcoin-holding treasuries.
• Publicly traded DATs collectively hold over 1 million BTC and many trade below their mNAV, a setup that could precede more mergers or balance-sheet moves.