Bitcoin Metric Days to Cover Gains Traction Among Investors

A new metric called ‘Days to Cover’ is gaining rapid traction among Bitcoin investors, offering a fresh way to evaluate companies with large BTC holdings. Introduced by Blockstream CEO Adam Back, this powerful formula shows how long it would take for a company to earn its market valuation in Bitcoin terms—based on its current BTC accumulation rate.

As the crypto sector matures, ‘Days to Cover’ is emerging as a key tool to distinguish real Bitcoin builders from hype-driven branders. The metric is calculated using the formula: Days to Cover = ln(mNAV) / ln(1 + Daily BTC Yield). Here’s what it means: mNAV (Market Net Asset Value) is the ratio of a company’s market cap to the value of its Bitcoin holdings. For example, an mNAV of 4.26 means the market values the company at 4.26x its BTC holdings. The formula estimates how many days it would take for a company’s daily BTC yield to “cover” its current valuation. In simple terms, this metric shows how long it would take for a company to earn its market cap in Bitcoin—based on its current stacking pace.

MicroStrategist, a leading BTC analysis platform, applied this metric to the top BTC-holding public companies. Companies like MetaPlanet and The Blockchain Group are stacking Bitcoin aggressively—yielding over 1.4% daily. Meanwhile, MicroStrategy, despite its massive holdings of 576,230 BTC, accumulates at a more conservative pace but remains the most institutionally trusted BTC stock.

This metric updates dynamically with a company’s BTC growth. It helps spot genuine Bitcoin-focused companies over hype-driven ones. A low ‘Days to Cover’ can hint at undervalued BTC stocks. In March, The Blockchain Group had one of the lowest ‘Days to Cover’ scores—and its stock has since surged over 834%.

As the crypto market evolves, new metrics like ‘Days to Cover’ are becoming essential for investors seeking fundamentally strong BTC plays. Whether you’re a long-term Bitcoin believer or a data-driven trader, this metric offers a unique window into which companies are truly stacking sats—not just talking about it.