According to Charles Edwards, Metaplanet is in a -73% drawdown, has been making infrequent Bitcoin (BTC) purchases, and its mNAV is collapsing toward 1; source: Charles Edwards (@caprioleio) on X, Sep 18, 2025. For traders, Edwards’ remarks focus attention on two key drivers to monitor: the frequency of BTC treasury additions and the mNAV trajectory toward 1; source: Charles Edwards (@caprioleio) on X, Sep 18, 2025. Edwards also states that all treasury company mNAVs trend toward 1 over time, underscoring convergence risk when evaluating Metaplanet equity versus holding BTC directly; source: Charles Edwards (@caprioleio) on X, Sep 18, 2025.

According to @MilkRoadDaily, SBET is trading below mNAV 1, signaling the shares are priced under the market value of the ETH it holds (Source: @MilkRoadDaily, X, Sep 7, 2025). According to @MilkRoadDaily, the existing 1.5 billion share buyback authorization is most powerful in this setup, allowing the company to repurchase stock at a discount to its underlying ETH exposure (Source: @MilkRoadDaily, X, Sep 7, 2025).

According to @Andre_Dragosch, the average mNAV of the top 10 BTCTCs is 1.67 and the average mNAV of the top 10 ETHTCs is 1.23, excluding outliers such as Coinbase and Yunfeng Financial, source: @Andre_Dragosch on X, September 3, 2025. This shows BTCTCs in the measured group have a higher mNAV than ETHTCs by 0.44 under the same methodology, source: @Andre_Dragosch on X, September 3, 2025. The calculation explicitly removes Coinbase and Yunfeng Financial from the sample as outliers, source: @Andre_Dragosch on X, September 3, 2025.

According to @caprioleio, when accounting for enterprise value including debt, 20% of Bitcoin Treasury Companies currently show mNAV Enterprise below 1, source: Charles Edwards (@caprioleio) on X, September 1, 2025. He adds that this percentage has not reached a new all-time high, source: Charles Edwards (@caprioleio) on X, September 1, 2025. He characterizes this as good news, indicating the breadth of this condition is not at an extreme relative to history, source: Charles Edwards (@caprioleio) on X, September 1, 2025.

According to @adriannewman21, market confidence in the mNAV narrative is being questioned as MSTR and SBET issue equity and underperform their underlying assets, raising doubt about the treasury-company approach to crypto exposure (source: @adriannewman21). According to @adriannewman21, this dilution-driven underperformance challenges the appeal of equity-based crypto proxies and may shift focus to tracking mNAV premiums/discounts versus underlying and the pace of new share issuance (source: @adriannewman21). According to @adriannewman21, traders are reacting to widening performance gaps relative to underlying assets, which can compress valuation multiples for treasury companies and impact BTC proxy trades that rely on tight mNAV alignment (source: @adriannewman21).

According to Adam Back on Twitter, the thread provides a clear breakdown of the 'Months to mNAV Cover,' analyzing how this metric relates to the mNAV (multiple of market cap versus BTC treasury net asset value) and the yield, which is the rate of increase in BTC per share (source: Adam Back Twitter, June 4, 2025). For traders, understanding these metrics is crucial as they directly affect the valuation and trading strategies of crypto treasury stocks like MicroStrategy. A lower Months to mNAV Cover suggests faster alignment between market cap and Bitcoin NAV, signaling potential undervaluation or overvaluation opportunities. The yield metric, reflecting BTC/share growth, helps investors identify treasury stocks with strong Bitcoin accumulation rates, which may outperform during bullish BTC cycles. These insights are especially relevant for portfolio allocation and risk management in the crypto equity market.