Beyond mNAV: A New Valuation and Credit Framework for Bitcoin Treasury Companies

2026

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AI-generated summary

1) This paper introduces a novel valuation and credit framework for Bitcoin Treasury Companies (BTC-TCs), addressing a critical gap in the market for assessing these rapidly growing entities.
2) - Introduces Adjusted Multiple of Net Asset Value (Adj. mNAV) and its components for accurate shareholder valuation.
- Decomposes the mNAV premium into four key drivers: Regulatory, Leverage, Accretion, and Speculation.
- Proposes a Bitcoin collateral-based credit rating framework focusing on solvency and liquidity.
3) Bitcoin Treasury Companies, Valuation Framework, Credit Rating, mNAV, Bitcoin-backed Credit

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