Recent analysis by Blockstream CEO Adam Back highlights the strategies of two companies: Japan's Metaplanet and the U.S.-based MicroStrategy, using the new metric 'months to mNAV cover'.
The 'Months to mNAV Cover' Metric
The 'months to mNAV cover' metric offers a new approach to evaluate companies with significant Bitcoin reserves. mNAV (modified net asset value) takes into account the company's assets and may be adjusted for liabilities.
Rapid Dynamics of Metaplanet
Adam Back's analysis indicates that Metaplanet shows significantly faster progress — reaching mNAV cover in just five months compared to MicroStrategy's 19 months. Metaplanet's speed can be attributed to its smaller overall mNAV and aggressive Bitcoin acquisitions.
Comparison of MicroStrategy and Metaplanet
MicroStrategy, led by Michael Saylor, pioneered the corporate Bitcoin strategy, being the first publicly traded company to adopt Bitcoin as a reserve asset. While they take longer to cover mNAV, their overall success remains significant due to substantial Bitcoin holdings.
The comparison of Metaplanet and MicroStrategy strategies, based on the 'months to mNAV cover' metric, illustrates diverse avenues for integrating Bitcoin into corporate finance. Metaplanet's rapid growth and strategic initiatives position it as an important player in the evolving landscape of corporate Bitcoin utilization.
