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A new metric called ‘Days to Cover’ is gaining rapid traction among Bitcoin investors, offering a fresh way to evaluate companies with large $BTC holdings.
Introduced by Blockstream CEO Adam Back, this powerful formula shows how long it would take for a company to earn its market valuation in Bitcoin terms—based on its current $BTC accumulation rate.
As the crypto sector matures, ‘Days to Cover’ is emerging as a key tool to distinguish real Bitcoin builders from hype-driven branders.
What Is the ‘Days to Cover’ Metric?
The ‘Days to Cover’ metric is calculated using the formula:
Days to Cover = ln(mNAV) / ln(1 + Daily $BTC Yield)
Here’s what it means:
- mNAV (Market Net Asset Value) is the ratio of a company’s market cap to the value of its Bitcoin holdings.
- For example, an mNAV of 4.26 means the market values the company at 4.26x its $BTC holdings.
- The formula estimates how many days it would take for a company’s daily $BTC yield to “cover” its current valuation.
In simple terms, this metric shows how long it would take for a company to earn its market cap in Bitcoin—based on its current stacking pace.
‘Days to Cover’ Breakdown for Top Public $BTC Companies
MicroStrategist, a leading $BTC analysis platform, applied this metric to the top $BTC-holding public companies. Here’s what they found:
| Company | mNAV | Daily $BTC Yield | Days to Cover |
| MetaPlanet | 5.08 | 1.49% | 110 days |
| MicroStrategy (MSTR) | 2.1 | 0.12% | 626 days |
| The Blockchain Group (ALTBG) | 9.4 | 1.48% | 152 days |
| Semler Scientific | 1.5 | 0.33% | 114 days |
Companies like MetaPlanet and ALTBG are stacking Bitcoin aggressively—yielding over 1.4% daily.
Meanwhile, MicroStrategy, despite its massive holdings of 576,230 $BTC, accumulates at a more conservative pace but remains the most institutionally trusted $BTC stock.
Why ‘Days to Cover’ Is Crucial for Bitcoin Investors
- Real-Time Signal: This metric updates dynamically with a company’s $BTC growth.
- Fundamental Filter: It helps spot genuine Bitcoin-focused companies over hype-driven ones.
- Investment Indicator: A low ‘Days to Cover’ can hint at undervalued $BTC stocks.
In March, The Blockchain Group had one of the lowest ‘Days to Cover’ scores—and its stock has since surged over 834%.
Final Thoughts
As the crypto market evolves, new metrics like ‘Days to Cover’ are becoming essential for investors seeking fundamentally strong $BTC plays.Whether you’re a long-term Bitcoin believer or a>