Data: Over 10 Crypto Custody Firms Have Market Caps Below Their Asset Holdings

According to Jinse Finance, since the beginning of this year, the number of publicly listed cryptocurrency reserve companies has doubled, but many of these companies have failed to achieve the goal of attracting a premium from Wall Street. Data from multiple stock tracking platforms shows that more than a dozen listed companies have a market capitalization lower than the value of their held crypto assets. All cryptocurrency reserve companies hope their multiple-to-Net Asset Value (mNAV) exceeds 1. Unfortunately, some companies have not reached this level. It should be noted that mNAV does not take debt and liabilities into account; it simply divides the company’s market capitalization by the value of its held assets. Although this calculation method is relatively simplified, this straightforward valuation metric remains highly popular. Of course, when evaluating more than 160 companies, some rational investors will consider debt, liabilities, or other risks, and thus believe that an mNAV below 1 is reasonable.