mNAV snapshot on crypto treasury names as of 10/02 close.
mNAV = market cap (all shares, including unvested) ÷ NAV (crypto + cash + stated stakes). Below 1.0x means the company trades under the value of what it holds. Above 1.0x means premium.
Below 1.0x:
$BTBT 0.64x
$SBET 0.83x
$FWDI 0.83x
$MSTR 0.93x
$BMNR 0.93x
Above 1.0x:
$ORBS 1.14x
$ASST 1.18x
$CYPH 2.22x
Debt and preferred stock aren't factored in, so names like $MSTR and $ASST would show higher if they were. Where full share count isn't published, current count is used. $BTBT and $CYPH holdings are from 8/31.
Not a buy list. Risk is yours.
mNAV = market cap (all shares, including unvested) ÷ NAV (crypto + cash + stated stakes). Below 1.0x means the company trades under the value of what it holds. Above 1.0x means premium.
Below 1.0x:
$BTBT 0.64x
$SBET 0.83x
$FWDI 0.83x
$MSTR 0.93x
$BMNR 0.93x
Above 1.0x:
$ORBS 1.14x
$ASST 1.18x
$CYPH 2.22x
Debt and preferred stock aren't factored in, so names like $MSTR and $ASST would show higher if they were. Where full share count isn't published, current count is used. $BTBT and $CYPH holdings are from 8/31.
Not a buy list. Risk is yours.
