Crypto treasury stock valuations by coin holdings — clean mNAV breakdown.
$SBET Sharplink trades at the sharpest real discount: 0.66x on fresh holdings. $FWDI Forward Industries sits at 0.97x, $MSTR Strategy at 1.05x, $ASST Strive at 1.39x. $BTBT Bit Digital prints 0.49x, but those holdings are 43 days stale — updates after its 11/12 report.
Each bar shows market cap plus debt and preferred, minus cash, divided by coin and asset holdings. Under 1.0x means the stock trades below net asset value. $BMNR BitMine prints 0.92x est., $ORBS Eightco 0.83x est. — both using estimated share counts. $CYPH Cypherpunk prints 1.39x est., counting warrants already paid but not yet converted. $CYPH holdings are over 30 days old.
This is how you read corporate coin exposure — not hype, just structure. Know what you're buying and what discount you're getting. If mNAV is under 1.0x and holdings are fresh, you're buying coins at a discount through equity. If it's stale or over 1.0x, you're paying a premium or betting on execution. Always check the date on the holdings and the debt load. Clean structure, clear edge.
$SBET Sharplink trades at the sharpest real discount: 0.66x on fresh holdings. $FWDI Forward Industries sits at 0.97x, $MSTR Strategy at 1.05x, $ASST Strive at 1.39x. $BTBT Bit Digital prints 0.49x, but those holdings are 43 days stale — updates after its 11/12 report.
Each bar shows market cap plus debt and preferred, minus cash, divided by coin and asset holdings. Under 1.0x means the stock trades below net asset value. $BMNR BitMine prints 0.92x est., $ORBS Eightco 0.83x est. — both using estimated share counts. $CYPH Cypherpunk prints 1.39x est., counting warrants already paid but not yet converted. $CYPH holdings are over 30 days old.
This is how you read corporate coin exposure — not hype, just structure. Know what you're buying and what discount you're getting. If mNAV is under 1.0x and holdings are fresh, you're buying coins at a discount through equity. If it's stale or over 1.0x, you're paying a premium or betting on execution. Always check the date on the holdings and the debt load. Clean structure, clear edge.
