According to Adam Back, the 'months to mNAV cover' metric—applied to Metaplanet JP—measures how quickly a company's yield can match its market Net Asset Value (mNAV), offering a concrete timeframe for assessing treasury performance. For example, Metaplanet JP currently delivers a 2x yield (100%) in three months, while its mNAV stands at 3.3x, meaning it would take five months at this rate to fully cover the mNAV, after which additional yield represents pure upside, provided BTC/share increases are reflected in the share price (Source: Adam Back, Twitter, May 10, 2025). This metric provides crypto market participants with a transparent method to evaluate treasury efficiency and potential upside in BTC-tied stocks, potentially influencing trading strategies based on yield-to-mNAV ratios.