NYDIG: The mNAV evaluation metric used by Digital Asset Treasury (DAT) companies is misleading
BlockBeats news, on September 28, Greg Cipolaro, Global Head of Research at NYDIG, stated that the commonly used metric for evaluating Digital Asset Treasury (DAT) companies, "mNAV" (market value to net asset value ratio), should be completely removed from industry reports. He explained that it can be misleading, as it does not take into account the operating business or other assets and liabilities that treasury companies may have. The calculation of mNAV often uses "assumed outstanding shares," which leads to the exclusion of potential convertible debt that has not yet been converted.
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