“Days to Cover mNAV” divides a firm’s market value by the net asset value of its BTC stack and measures how many trading days of average volume it would take to buy enough shares to replicate the underlying Bitcoin exposure. A lower figure implies the market price is still closely tied to treasury performance, while a higher one signals speculative froth.
Recent data show MetaPlanet and Austin-based ALTBG compressing their coverage times as they accumulate coins faster than peers, nudging portfolio managers to rotate toward these “sat-stackers” and away from companies whose equity premium over mNAV has ballooned.
Because the measure blends on-chain proof-of-reserves with traditional float and volume statistics, it gives fundamental investors a cleaner way to sift genuine BTC-leverage plays from mere brand-halo trades—a gap that widened during 2024’s meme-equity boom.
