Days to Cover mNAV

Days to Cover mNAV is the number of days needed, at the current rate of BTC earning or accumulation, for a company to close the gap between its present mNAV (market Net Asset Value) and its target—most commonly an mNAV of “1” (full BTC-asset coverage for shareholders). It’s a real-world way to answer: How many days until this company’s core BTC coverage objectives are met, if things stay on their current course?

Formula: Days to Cover = (Incremental BTC Needed to target mNAV) ÷ (BTC earned per day) Incremental BTC Needed: The extra BTC the company must acquire to reach its mNAV goal. BTC earned per day: The company’s average rate of BTC accumulation or production (e.g., through mining, lending, or purchase).

Why Does This Metric Matter?

Time-Based Performance Gauge: Unlike flat percentages or static totals, Days to Cover adds a sense of timeline—helping you estimate when, not just if, a company will reach its BTC goals.

Comparing Companies: It lets you compare companies of different sizes or in different growth stages by answering: Who’s on track to cover their BTC objectives faster? Who’s lagging?

Signals Management Efficiency: Shorter “days to cover” means the company is producing or acquiring BTC more rapidly relative to its needs, reflecting well on operational strategy and capital allocation.