The article examines how the valuation of crypto treasury stocks depends on mNAV, a ratio comparing market capitalization with the value of the crypto assets held. A larger treasury of bitcoin or ether does not necessarily translate into more cryptocurrency per share. Disclosures from Strategy illustrate the importance of the valuation formula and its impact on dilution. They also show that a larger accumulation of crypto assets does not necessarily result in a positive stock return.
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Disclaimer: this content is for information purposes only and is not financial advice. Cryptocurrencies are highly volatile: you may lose all of your capital. Always do your own research. Legal notice
