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.
While a bit busy, the chart below reveals this strategy in action. We generate dynamic portfolio weightings by taking the inverse of Days to Cover (because a lower Days to Cover is better).
MSTR got 100% of the allocation at the outset because it was the only player. However, as MetaPlanet emerged with a lower Days to Cover mNAV, the system shifted a large portion of the portfolio to it. Each time a new, faster-growing player appeared, it grabbed a share of the portfolio in proportion to its performance edge.
Show Me the Money: Eye-Popping Portfolio Results
The chart below shows the performance of each of these equities and the overall portfolio performance. The best performer was MetaPlanet, turning $100k into $3.3m in a year. The worst was Semler, which still managed a 55% gain despite its DOJ setbacks. Yet the dynamically allocated portfolio turned that same $100k into an astonishing $5.75m.
If you had also recognised Semler’s legal woes and excluded it from your portfolio, the results would have been even more dramatic.
The final chart shows that, in just over 12 months, you would have transformed $100k into a staggering $10m—100x returns!
What’s Next? Future Stacking Opportunities
Missed out on this run?
You’re not alone.
Unfortunately, some high-growth bitcoin treasury companies are only accessible to investors on specific exchanges, like SWC on the UK AQIS exchange in the UK or The Blockchain Group in France.
However, BTC stacking is the most lucrative business model in the world right now, and as new players enter the market, there will undoubtedly be new opportunities. Some will be overhyped pump-and-dump schemes, but others will have real competitive edges that let them grow exponentially.
The Days to Cover mNAV metric will be your key to identifying which is which. It’ll show you when a company still has momentum—and when it’s time to rotate to the next fastest horse.
The Days to Cover mNAV weightings give you diversification in a speculative market across companies and countries and highlight when a company’s growth is slowing down or speeding up, eventually impacting its mNAV and share price.
Current Weightings
Here’s how the current Days to Cover mNAV (DTC) and portfolio weightings stand (assuming you can’t access SWC).
Right now, MetaPlanet and The Blockchain Group are both exciting opportunities, despite their recent uptick in share price. However, Semler, Strategy and KULR are still in the game.
We’ll update you with the current Days to Cover mNAV portfolio as the digital gold rush heats up.
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