Bitcoin’s ‘Days to Cover’ Metric Exposes the Real Stackers—And the Pretenders
Forget moonboys and paper hands—this metric cuts through the noise. The ‘Days to Cover’ ratio reveals which Bitcoin firms are actually accumulating long-term versus those just riding the hype cycle.
Who’s building vaults? Who’s playing musical chairs? The data doesn’t lie—even if some CFOs might.
Bonus jab: Meanwhile, traditional finance is still trying to short Bitcoin with leverage. Some lessons take longer to learn.
A new metric calledis gaining rapid traction among, offering a fresh way to evaluate companies with large.
Introduced by, this powerful formula shows how long it would take for a company to earn its market valuation in Bitcoin terms—based on its current BTC accumulation rate.
As the crypto sector matures, ‘Days to Cover’ is emerging as a key tool to.
What Is the ‘Days to Cover’ Metric?
Themetric is calculated using the formula:
Here’s what it means:
- mNAV (Market Net Asset Value) is the ratio of a company’s market cap to the value of its Bitcoin holdings.
- For example, an mNAV of 4.26 means the market values the company at 4.26x its BTC holdings.
- The formula estimates how many days it would take for a company’s daily BTC yield to “cover” its current valuation.
In simple terms, this metric shows how long it WOULD take for a company to earn its market cap in Bitcoin—based on its current stacking pace.
‘Days to Cover’ Breakdown for Top Public BTC Companies
, a leading BTC analysis platform, applied this metric to the top BTC-holding public companies. Here’s what they found:
| Company | mNAV | Daily BTC Yield | Days to Cover |
| MetaPlanet | 5.08 | 1.49% | 110 days |
| MicroStrategy (MSTR) | 2.1 | 0.12% | 626 days |
| The Blockchain Group (ALTBG) | 9.4 | 1.48% | 152 days |
| Semler Scientific | 1.5 | 0.33% | 114 days |
Companies likeandare stacking bitcoin aggressively—yielding over.
Meanwhile, MicroStrategy, despite its massive holdings of, accumulates at a more conservative pace but remains the most institutionally trusted BTC stock.
- Also Read :
- Is Bitcoin Heading to $600,000 by October 2025?
- ,
Why ‘Days to Cover’ Is Crucial for Bitcoin Investors
- Real-Time Signal: This metric updates dynamically with a company’s BTC growth.
- Fundamental Filter: It helps spot genuine Bitcoin-focused companies over hype-driven ones.
- Investment Indicator: A low ‘Days to Cover’ can hint at undervalued BTC stocks.
In March,had one of the lowest ‘Days to Cover’ scores—and its stock has since surged over.
Final Thoughts
As the crypto market evolves, new metrics likeare becoming essential for investors seeking.Whether you’re a long-term Bitcoin believer or a data-driven trader, this metric offers a unique window into which companies are—not just talking about it.
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