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ETH $2,440.84 +0.55%
BNB $733.17 +0.66%
XRP $1.34 +0.71%
SOL $105.77 +1.59%
TRX $0.3312 -0.58%
DOGE $0.0812 -1.31%
ADA $0.2306 +1.39%
BCH $275.36 +2.44%
LINK $12.51 +0.56%
HYPE $81.38 +1.90%
AAVE $156.32 +0.05%
SUI $1.02 +1.63%
XLM $0.1849 +1.12%
ZEC $1,183.57 +2.78%
AAPL $343.66 -0.27%
AMZN $253.54 -0.58%
GOOGL $348.77 -1.04%
MSFT $539.77 +0.70%
META $735.06 -0.04%
NVDA $217.46 -2.09%
TSLA $361.41 -1.10%
SNDK $1,360.00 -3.81%
INTC $94.38 -4.28%
SPCX $146.55 -4.45%
MU $912.70 -0.98%
AMD $550.91 -3.94%

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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