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。
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