NYDIG Calls for Bitcoin Treasury Companies to Drop 'Misleading' mNAV Metric

Core Viewpoint - Strive Asset Management has completed an all-stock acquisition of Semler Scientific, marking the first merger between two Digital Asset Treasuries (DATs) that hold bitcoin, which raises questions about the valuation metrics used by investors in bitcoin treasury firms [1] Group 1: Acquisition Details - The acquisition gives the combined entity control of over 10,900 BTC and increases the net asset value (NAV) per share, a key metric for DAT investors [1] - The deal highlights potential issues with the commonly used "mNAV" metric, which is defined as market cap divided by crypto held [1][2] Group 2: Critique of mNAV Metric - NYDIG argues that the mNAV metric is misleading and does not account for the operating businesses or other assets that a DAT may possess, which are crucial for adding value [2] - The use of "assumed shares outstanding" in mNAV calculations can include convertible debt that has not met conversion conditions, further complicating the valuation [2] Group 3: Market Implications - The current landscape shows that publicly traded bitcoin treasury firms hold over 1 million BTC, with many trading below their mNAV, indicating a potential for more acquisitions in the near future [3]