🚫 NYDIG Demands That “mNAV” Beware: The Crypto Code in Need of Destruction

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In the far reaches of the digital breadbasket, where bits and bitcoins grow wild as corn in the heartland, there lies a metric, a measure named mNAV, used by technology folks and corporate giants alike. But lo and behold, the crypto town crier, NYDIG’s keen-eyed research head Gregory Cipolaro, sounds the alarm. He proclaims, with a voice tinged with both urgency and a hint of amused disdain, that this beloved metric belongs on the scrap heap, trampled underfoot like last season’s boots.😅

“The industry definition of ‘mNAV’ needs to be deleted and forgotten,” Cipolaro grumbles in a note, half-hidden among the financial valleys and rolling hills of the crypto nations. “Market cap to bitcoin/digital asset value,” he mused, “is nothing more than a siren call leading ships astray, a lighthouse without light, a bread without the meat.” And there you have it: the grand old industry lies skulking behind the curtain, that grand ruse laid bare.

“It doesn’t give the blacksmiths of digital gold, the folks who forge their enterprise with bits and bytes and not merely coin, proper credit,” he adds. Take Strategy Inc., not content merely to hold gold in digital baskets but selling software like glass beads on the frontier. Ah, the ways of business, as elusive as coyotes in the night.

“At best,” Cipolaro warns, tipping his hat to the wind, “it’s misleading; at worst, it could be the heist of the digital century.” Yet, in the tangled web of balance sheets, mNAV looms over the landscape like a ledge low enough for even a stubborn goat to fall. “NAV is the flag we raise,” he declares. “It’s the jug of cooling water on a parched day, not some ephemeral shadow of market cap.” He insists.

Consider also the underappreciated bond of equity-companies issue it like a rain dance, hoping for prosperity. And what of the shadowy, stealthy convertible debt? That lurking wolf Cipolaro warns against, which when called out as merely another face in the crowd of shares, begins the unravelling of financial trust.

Convertible debt holders “would demand cash, not shares,” warns Cipolaro, scratching his head at the notion. “Indeed, this is surely weighing the soul down more than a mere equity issue,” he conundrums, ruffling through his leather-bound ledgers as if uncovering forgotten treasure. “The whole enchilada, you see, is about blossoming in a storm.”

Change blows in with the winds, like new folks setting out to terrains unknown, such as the headliners Strive and Semler, threading together a merger in the digital feudal landscape. Here, the governments of bits and nibbles decree, Semler shareholders are promised golden Chalices of Strive stock, a clever move-or clever monetary sleight of hand?

Cipolaro muses, as iconic as an afternoon shadow but with the gravity of a packed courthouse, “As for where this stock ultimately trades, that’s a riddle wrapped in an enigma.” And so, in the valley of the despised mNAV, folks like Cipolaro still roam, staring into the wild horizon, waiting for the dawning of a new reckon.

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2025-09-29 06:13