BTC $80,728.73 -1.15%
ETH $2,369.94 -1.18%
BNB $731.42 -1.91%
XRP $1.28 -2.41%
SOL $101.48 -2.74%
TRX $0.3301 +0.03%
DOGE $0.0775 -3.25%
ADA $0.2086 -3.56%
BCH $278.23 -2.31%
LINK $11.62 -3.61%
HYPE $75.63 -2.70%
AAVE $140.02 -5.20%
SUI $0.9476 -4.70%
XLM $0.1703 -3.59%
ZEC $1,157.08 -6.16%
AAPL $347.04 -0.32%
AMZN $248.59 -0.21%
GOOGL $321.25 -0.24%
MSFT $523.26 +0.76%
META $642.59 -0.10%
NVDA $211.63 -0.22%
TSLA $371.35 -0.87%
SNDK $1,238.34 -3.05%
INTC $86.72 +0.95%
SPCX $146.96 -0.50%
MU $883.60 +2.11%
AMD $517.89 +1.70%
BTC $80,728.73 -1.15%
ETH $2,369.94 -1.18%
BNB $731.42 -1.91%
XRP $1.28 -2.41%
SOL $101.48 -2.74%
TRX $0.3301 +0.03%
DOGE $0.0775 -3.25%
ADA $0.2086 -3.56%
BCH $278.23 -2.31%
LINK $11.62 -3.61%
HYPE $75.63 -2.70%
AAVE $140.02 -5.20%
SUI $0.9476 -4.70%
XLM $0.1703 -3.59%
ZEC $1,157.08 -6.16%
AAPL $347.04 -0.32%
AMZN $248.59 -0.21%
GOOGL $321.25 -0.24%
MSFT $523.26 +0.76%
META $642.59 -0.10%
NVDA $211.63 -0.22%
TSLA $371.35 -0.87%
SNDK $1,238.34 -3.05%
INTC $86.72 +0.95%
SPCX $146.96 -0.50%
MU $883.60 +2.11%
AMD $517.89 +1.70%

分析:比特币财库公司常用的 mNAV 指标或具误导性且不准确

2025-09-28 21:33:29

ChainCatcher 消息,据 CoinDesk 报道,NYDIG 全球研究主管 Greg Cipolaro 发布报告指出,比特币财库公司经常使用的 mNAV 指标或具误导性,因为 mNAV 未将相关公司可能拥有的运营业务或其他资产考虑在内。

此外,该指标常使用“假定流通股数(assumed shares outstanding)”,而其中往往包括尚未满足转换条件的可转换债券,所以数据可能不准确。

据悉,mNAV 是市值与净资产价值之比,若 mNAV 大于 1,比特币财库公司可在溢价区间内增发融资并将所得资金用于购买 BTC,从而提高每股 BTC 持仓带来账面增厚;若收敛至 1 或低于 1,BTC 本体价格下行、二级市场承接疲软,飞轮机制将从“增厚”转向“稀释”形成负向反馈。

app_icon
ChainCatcher 与创新者共建Web3世界