NYDIG’s global head of research argues that the ‘market to net asset value’ (mNAV) metric for crypto treasuries is inaccurate and misleading, and should be discarded. This is a negative development for the transparency and credibility of the crypto industry, potentially impacting investor confidence. If investors rely on flawed metrics, it can lead to poor investment decisions. This highlights the need for standardized and reliable valuation methods in the rapidly evolving crypto space. Investors in cryptocurrencies should be aware of these measurement challenges and focus on fundamental analysis where possible.