NYDIG’s Greg Cipolaro argues that a popular metric for valuing crypto companies should be retired as it misleads investors. The crypto industry should stop using the popular market to net asset value (mNAV) metric as it’s inaccurate and misleading to investors, says NYDIG’s global head of research, Greg Cipolaro.“The industry definition of ‘mNAV’ needs to be deleted and forgotten,” Cipolaro wrote in a note on Friday. “‘Market cap to bitcoin/digital asset value,’ the original definition of mNAV, is a useful metric for nothing.”He added that mNAV doesn’t account for treasury companies that conduct other business outside of buying and holding vast amounts of crypto, and doesn’t properly represent a firms convertible debt.Read more NYDIG’s Greg Cipolaro argues that a popular metric for valuing crypto companies should be retired as it misleads investors. The crypto industry should stop using the popular market to net asset value (mNAV) metric as it’s inaccurate and misleading to investors, says NYDIG’s global head of research, Greg Cipolaro.“The industry definition of ‘mNAV’ needs to be deleted and forgotten,” Cipolaro wrote in a note on Friday. “‘Market cap to bitcoin/digital asset value,’ the original definition of mNAV, is a useful metric for nothing.”He added that mNAV doesn’t account for treasury companies that conduct other business outside of buying and holding vast amounts of crypto, and doesn’t properly represent a firms convertible debt.Read more
Crypto treasury mNAV metric ‘needs to be deleted’ — NYDIG
2025/09/29 10:56
NYDIG’s Greg Cipolaro argues that a popular metric for valuing crypto companies should be retired as it misleads investors.
The crypto industry should stop using the popular market to net asset value (mNAV) metric as it’s inaccurate and misleading to investors, says NYDIG’s global head of research, Greg Cipolaro.
“The industry definition of ‘mNAV’ needs to be deleted and forgotten,” Cipolaro wrote in a note on Friday. “‘Market cap to bitcoin/digital asset value,’ the original definition of mNAV, is a useful metric for nothing.”
He added that mNAV doesn’t account for treasury companies that conduct other business outside of buying and holding vast amounts of crypto, and doesn’t properly represent a firms convertible debt.
Read more
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