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分析:比特幣財庫公司常用的 mNAV 指標或具誤導性且不準確

2025-09-28 21:33:29

ChainCatcher 消息,据 CoinDesk 報導,NYDIG 全球研究主管 Greg Cipolaro 發佈報告指出,比特幣財庫公司經常使用的 mNAV 指標或具誤導性,因為 mNAV 未將相關公司可能擁有的運營業務或其他資產考慮在內。

此外,該指標常使用"假定流通股數(assumed shares outstanding)",而其中往往包括尚未滿足轉換條件的可轉換債券,所以數據可能不準確。

據悉,mNAV 是市值與淨資產價值之比,若 mNAV 大於 1,比特幣財庫公司可在溢價區間內增發融資並將所得資金用於購買 BTC,從而提高每股 BTC 持倉帶來賬面增厚;若收斂至 1 或低於 1,BTC 本體價格下行、二級市場承接疲軟,飛輪機制將從"增厚"轉向"稀釋"形成負向反饋。

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