Core Insights - Digital asset treasuries are increasingly popular, with over 200 companies holding billions in tokens on their balance sheets [1] - The calculation of mNAV varies significantly among investors, leading to discrepancies where the same stock can appear as a 90% discount or a 500% premium [1] - Miscommunication and disagreement arise from the different interpretations of mNAV, impacting trading decisions based on potentially inaccurate data [4] mNAV Definition and Calculation - mNAV stands for market-cap-to-net-asset-value multiple, indicating the equity value paid for every $1 of crypto held by a company [3] - The formula for mNAV is: mNAV = Fully Diluted MarketCap ÷ Treasury Value (USD) [3] - Three methods to calculate mNAV are: Realized (current shares), Realistic (current shares plus in-the-money dilution), and Maximum (all possible shares) [3] Implications of mNAV Misinterpretation - Using different share counts can lead to vastly different perceptions of a company's value, with some investors viewing stocks as deep discounts while others see them as expensive premiums [6] - For example, SONN can be perceived as 0.06x or 5.27x depending on the share count used, illustrating the confusion surrounding mNAV calculations [6] - The HYPE DAT ecosystem serves as a clear case study for understanding the importance of accurate mNAV calculations and the potential pitfalls in misreading these metrics [5] HYPE DAT Ecosystem Overview - The HYPE DAT ecosystem includes key players such as HYPD (Hyperion DeFi), SONN (merging into Hyperliquid Strategies), and LGHL (Lion Group) [5] - Galaxy Digital (GLXY) is also involved but is excluded from pure DAT-focused discussions due to its broader business mix [5] - The varying interpretations of mNAV within this ecosystem highlight the need for clarity in calculations to avoid miscommunication and erroneous trading decisions [6]