A tsunami of new bitcoin
Treasury companies – companies that almost exclusively devote themselves to collecting Bitcoin – floods the market.
Because they all more or less follow the Playbook of the Strategy (MSTR), questions rise about the best ways to appreciate them and compare them with each other.
“The most important statistics for a Bitcoin Treasury is the premium that acts compared to its underlying net assets, including every operating company,” wrote Greg Cipolaro, worldwide head of research at Bitcoin Financial Firming Nyd, in a June 6 report.
At first glance, this means adding the Bitcoin, cash and business value of the company with the exception of the Bitcoin things and the deduction of obligations such as debts and preference shares. “It is this premium with which these companies can convert shares for Bitcoins, which effectively acts as a money change party who converts shares for Bitcoins,” said Cipolaro.
One of the most popular statistics, MNAV, measures the appreciation of a company according to its net assets – in these cases their bitcoin treasure box. A MNAV above 1.0 signals that investors are interested in paying a premium for exposure to the shares in relation to its Bitcoin supply; However, a MNAV under 1.0 means that equity is now worth less than the interests of the company.
But only MNAV is “miserable” to analyze the strengths and weaknesses of these companies, Cipolaro said. The research report used other statistics such as NAV, MNAV measured by market capitalization, MNAV through business value and share premium for NAV to give a more complex picture.
The table shows, for example, that Semler Scientific’s (SMLR) and Trump Media (DJT) stock premium for NAV (that the percentage difference between the market price of a fund and the net asset value) measures the lowest of the eight measured companies, from 10% and -16% respectively that both companies have one.
Unfortunately, both SMLR and DJT have changed little on Monday, even if Bitcoin climbs to $ 108,500 versus the $ 105,000 level of Friday evening. MSTR is higher with only 5%.