Stack Smarter: The Power of Days to Cover mNAV for Bitcoin Equities
What if I told you you could have 100x’d your portfolio over the last year with no leverage?
The secret lies in the Days to Cover mNAV indicator—an under-the-radar metric that reveals which Bitcoin-leveraged equities are poised to outperform the market.
This powerful tool has been getting a ton of attention recently, for good reason. It highlights:
· the bitcoin equities that have the potential to grow the fastest and
· When it’s time to rotate to the next rising star.
In this article, we’ll dive into how to harness the Days to Cover mNAV to capture these explosive gains with smart, diversified portfolio allocation and why it’s the ultimate weapon for navigating the hyper-competitive world of Bitcoin stacking equities.
NOTE: Not financial advice; just math.
Spotting the Next Fastest Horse with Days to Cover mNAV
The chart below shows the latest update to our Days to Cover mNAV, or the time it will take to pay off the current premium based on the current BTC Yield.
Notice how Strategy (MSTR) saw its Days to Cover mNAV (orange line) drop sharply after launching the 21/21 plan in October 2024. This plan enabled them to tap the ATM facility and issue convertible bonds. However, since early 2025, they’ve faced challenges raising enough capital to keep growing their BTC per share at the same rate.
After Bitcoin peaked and the tariffs crashed the stock market, Strategy’s Days to Cover mNAV peaked in late April 2025. mNAV fell below 2.0, and they paused the ATM, with no BTC purchases for a few weeks. Encouragingly, Strategy’s share price has been trending down since then, suggesting a likely uptick as they can secure a larger pool of funds through the 300T bond market via preferred shares (STRK and STRF).
MetaPlanet, meanwhile, has consistently maintained a much lower Days to Cover mNAV—except during brief share price surges—because it’s been stacking aggressively and growing exponentially. Avoiding buying when their Days to Cover mNAV was high would have ensured you avoided the biggest drawdowns after recent blow-off tops.
Semler was on a strong trajectory until legal troubles with the DOJ temporarily derailed its progress. Thankfully, it has renewed aggressive BTC purchases in recent weeks, driving a sharp drop in Days to Cover mNAV and a solid recovery in its share price.
The Blockchain Group emerged almost from nowhere, rapidly growing its BTC stack and aligning its Days to Cover mNAV with MetaPlanet’s. Similarly, The Smarter Web Company has recently accelerated its BTC stacking efforts in the UK, sending its share price soaring.
The Stacking Addiction: Why Companies Can’t Slow Down
As they say, “If you’re not growing, you’re dying.”
Any company embarking on the Bitcoin-leveraged equity journey needs a competitive edge that lets it raise funds to stack BTC exponentially. It can’t stop; instead, it must continue accelerating to stay ahead of the competition.
However, exponential growth can’t last forever, so eventually, these companies must slow down. That’s when investors rotate to the next fastest horse as the mNAV drifts towards 1.0.
Smarter Stacking: A Winning Allocation Strategy
What if you could build a system that continuously reallocates capital to the companies with the lowest Days to Cover mNAV—those smaller companies growing their BTC stack fastest—and rebalances dynamically?
The answer is: You can—and it would have outperformed any single stock by a mile.