Months to Cover mNAV

Months to cover mNAV is the estimated number of months a company will need—at its current pace of earning or acquiring BTC—to fully close the gap between its present mNAV and a set goal, often mNAV = 1. An mNAV of 1 typically means the company’s bitcoin and related assets are sufficient to “cover” all outstanding shares on a 1:1 basis when measured in BTC-equivalent terms.

Formula: Months to Cover = Days to Cover ÷ 30 (approximately) Days to Cover: The total days needed to achieve the mNAV goal, based on the company’s average daily BTC accumulation (from mining, lending, rewards, or purchases). 30: Used as a standard approximation of days per month.

Example Calculation Suppose a company’s analysis shows it needs 180 days at its current BTC yield rate to reach its mNAV target: Months to Cover = 180 ÷ 30 = 6 months

This means, if all else stays the same, the company will fully achieve its BTC asset coverage target in half a year.

Why Is This Metric Important for Investors?

Months to Cover mNAV tells you when a company might reach its key BTC goal, instead of just if it might happen. It puts a time frame on management’s bitcoin strategy and growth pace.

By standardizing results in months, investors can easily compare companies of different sizes—helping identify which ones are growing or recovering most efficiently.

Shorter “months to cover” reflect faster accumulation relative to goals and often speak to operational strength, successful mining or earning strategies, or strategic capital allocation.