Corporations like MicroStrategy are stacking Bitcoin, and Adam Back, the cypherpunk legend and Blockstream CEO, endorsed a new way to measure BTC value to gauge their success.
His “months to mNAV cover” metric, introduced in a May 2025 analysis, tracks how quickly a company’s Bitcoin holdings can match its Modified Net Asset Value (mNAV).
With Bitcoin price trading at $105,500, companies like Metaplanet and MicroStrategy are under the spotlight. But as investors eye this metric, a key question looms: Does it actually deliver meaningful insights, or is it too simplistic for the complex world of corporate finance?
Understanding the “Months to mNAV Cover” Metric Guages Bitcoin Value
Adam Back’s metric evaluates companies holding huge Bitcoin reserves. It calculates how many months it takes for the appreciation in a company’s Bitcoin holdings—termed “Bitcoin earnings”—to equal its Modified Net Asset Value (mNAV).
The mNAV likely represents a company’s n
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