'Sell Shovels': This Firm Makes Dashboards for Strategy and Dozens of Bitcoin Treasuries

Core Insights - The proliferation of Bitcoin treasury firms in the U.S. has led to the emergence of mNAV, a company focused on providing dashboards for these firms, reflecting a shift in its branding and business model [1][2] - mNAV's name stands for multiple-to-net asset value, a metric used to assess Bitcoin treasury firms by comparing market capitalization to digital asset holdings, among other metrics [2] - New sectors such as cannabis, distilleries, and healthcare are increasingly investing in digital assets, aiming to replicate the success of Strategy, the largest corporate Bitcoin holder [3] Company Developments - mNAV's first dashboard was created for Capital B, allowing investors to view various metrics in USD and EUR, and compare Capital B's share performance against Bitcoin [4] - The company has developed dashboards for 17 Bitcoin-buying firms, with notable clients including Strategy, which holds a $79 billion Bitcoin stockpile [5] - mNAV is exploring the potential to provide in-depth analysis on Bitcoin treasury firms, building on the success of its initial dashboard [6]