Bitcoin treasury companies (or LBE’s — Leveraged Bitcoin Equities) like Strategy, Metaplanet, and Semler are difficult to value.
Each has its own unique attributes. All, except for the recent 21 Capital ($CEP/$XXI), have existing operating businesses, which makes valuation a bit trickier.
So how do you figure out which one offers the best bang for your buck?
The easiest metric is the mNAV — the multiple of its Bitcoin holdings.
You can mean-revert in and out of these if you want to reallocate between them, and it could be a way to outperform simply buying and holding one company. Rotating out of the high mNAV companies and into lower mNAV companies could be a strategy.
Here are some very basic mNAV numbers for $MSTR, $SMLR, $MTPLF / $3350, $KULR, and $CEP / $XXI, calculated from recent data (some of these have been much higher on the richer side in the past).
It’s still early in the mNAV journey. 21 Capital literally just launched last week, so these numbers will change — but it could become an interesting portfolio reallocation method for those into $BTC and Bitcoin proxies.
What do you think?
#gm #bitcoin #mstr #smlr #mtplf #3350 #cep #xxi #kulr #plebchain #asknostr #btc #stocks
