Companies focusing on Bitcoin investment became the pioneer of a new institutional trend by following in the footsteps of Microstrategy (MSTR), how to measure the real values ​​of these companies. According to Nydig’s Global Research President Greg Cipolarro, using a singular metric, such as “Mnaved Net Asset Value, is insufficient to understand the investment potential of these companies.

Chipolaro uses the following statement in his analysis of June 6:

“The most important metric for a Bitcoin treasury company is the premium rate in which the share price is traded compared to the net asset value (NAV).”

This ratio; The company is calculated by the subtraction of obligations (debts, privileged shares, etc.) from Bitcoin and Cash assets. This difference enables companies to act as a ‘digital money exchange point’ that exchange stocks with Bitcoin.

📊 Seeing beyond over the Mnav

Mnav shows the ratio of the company’s market value to Bitcoin reserves, and if this ratio is over 1, investors pay a premium to reach Bitcoin indirectly. However, Cipolaro emphasizes that this ratio is not enough:

“To see a growth on the ratio of Mnav may be misleading. In order to understand the real value, NAV, MNAV’s relationship with market value and business value, as well as more complex criteria such as stock premium according to NAV.”

📉 Trump Media and Semler Scientific: Hidden Opportunity Under Premium

The most remarkable finding in the report is:

Trump Media (DJT) and Semler Scientific (SMLR), although the ratio of Mnav is above 1.1, according to NAV, stock premiums are in the negative region. This ratio for DJT is -16%and for SMLR -10%. This shows that both companies’ existing stock prices are “discounted” according to their Bitcoin assets.

These low premium rates offer investors a potential opportunity, while the horizontal watches of DJT and SMLR shares, despite the rise in Bitcoin prices, make the horizontal watching on Monday, that market pricing does not yet reflect this data yet.

In the meantime, the MSTR shares continues to stand out in the market by recording approximately 5 %.

When evaluating companies that implement the Bitcoin Treasury strategy, only looking at the MNAV rate may mislead investors. Nydig’s work proposes to evaluate more comprehensive metrics. In particular, low -premium companies such as Trump Media and Semler Scientific may offer careful opportunities for investors who want to be exposed to Bitcoin indirectly.