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By James Van Straten|Edited by Omkar Godbole
Updated May 21, 2025, 9:23 a.m. Published May 21, 2025, 9:10 a.m.
- MetaPlanet and ALTBG are leading the compounding race, converting high BTC yields (~1.5% daily) into short Days to Cover timelines, justifying aggressive market premiums.
- Strategy (MSTR) lags despite its dominance, with a low BTC yield of 0.12% and a 626-day horizon to earn its mNAV, signaling a slowdown in stacking efficiency.
As bitcoin (BTC) continues to mature as an institutional asset, a growing number of public companies are integrating BTC into their treasuries, sparking renewed investor interest in so-called leveraged bitcoin equities (LBEs).
But with valuations soaring, the key question remains: which companies are genuinely earning their premiums through consistent BTC accumulation, and which are simply coasting on reputation?
STORY CONTINUES BELOW
A new metric, “Days to Cover mNAV,” is emerging as a sharp analytical tool to answer this. It measures how long it would take a company, at its current bitcoin stacking pace, to accumulate enough BTC to justify its market cap, based on its current multiple of net asset value (mNAV) and its daily BTC yield.
The formula—Days to Cover = ln(mNAV) / ln(1 + BTC Yield)—accounts for compounding, providing a forward-looking, growth-adjusted view of a company’s valuation.
The latest data points from an article by Microstrategist paints a revealing picture: Strategy (MSTR), the institutional leader, holds an mNAV of 2.1 but a low daily BTC yield of just 0.12%, resulting in a sluggish 626 days to cover its valuation.
In contrast, upstarts MetaPlanet (3350) and The Blockchain Group (ALTBG) are compounding rapidly with 100-day average BTC yields near 1.5%, allowing them to support much higher mNAVs (5.08 and 9.4 respectively) in just 110 and 152 days. In addition, Semler Scientific (SMLR), with an mNAV of 1.5 and a yield of 0.33%, posts a competitive 114 Days to Cover.
These figures, reinforced by the “Days to Cover mNAV” chart from October 2024 to May 2025, show a clear trend: faster accumulators are compressing their coverage times and catching up to more established players. MetaPlanet and ALTBG in particular have seen investor enthusiasm surge as they demonstrate the ability to turn BTC compounding into valuation upside.
In a sector defined by speed and volatility, Days to Cover mNAV provides a clear, data-driven lens through which to evaluate long-term sustainability and upside potential.
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin and Strategy (MSTR).
