As Bitcoin (BTC) continues to mature as an institutional asset, a growing number of public companies integrate BTC into their treasury, triggering renewed investor interest in so-called geared Bitcoin shares (LBEs).

But with valuations increased, the central question remains: Which companies really earn their prizes through uniform BTC accumulation, and which are simply coasted on reputation?

A new metric, “Days to cover MNAV”, emerges as a sharp analytical tool to answer this. It measures how long it would take a company, in its current Bitcoin stacking pace, to accumulate enough BTC to justify its market capital, based on its current multiple of the net value (MNAV) and its daily BTC yield.

Formula days to cover = LN (MNAV) / LN (1 + BTC yield) strikes for composition, giving a forward-looking, growth-adjusted view of a company’s valuation.

The latest data points from an article by Microstrategist paint a revealing image: Strategy (MSTR), the institutional leader, has an MNAV of 2.1, but a low daily BTC yield of only 0.12%, resulting in a sluggish 626 days to cover its valuation.

In contrast, Upstarts Metaplanet (3350) and the blockchain group (AltBG) quickly exacerbate with 100-day average BTC yields near 1.5%, allowing them to support much higher MNAVs (5.08 and 9.4 respectively) in just 110 and 152 days respectively. In addition, Semler Scientific (SMLR) posts with a MNAV of 1.5 and a yield of 0.33%a competitive 114 days to cover.

These numbers, reinforced by “Days to Cover MNAV” diagram from October 2024 to May 2025, show a clear trend: faster accumulators compress their coverage times and catch up with more established players. In particular, Metaplanet and AltBG have seen investor enthusiasm wave as they demonstrate the ability to transform BTC composition into valuation upside down.

In a sector defined by speed and volatility, days give MNAV a clear, data -driven lens through which one can evaluate long -term sustainability and upward potential.