PANews reported on September 28th that The Block reported that Strive Asset Management acquired Semler Scientific in an all-stock transaction, creating a combined company with over 10,900 BTC. In response, NYDIG Global Head of Research Greg Cipolaro stated in a report that the commonly used "mNAV" metric (defined as market capitalization divided by cryptocurrency holdings) should be removed from industry reports. The acquisition highlights potential issues with the mNAV metric, which is used to assess the value of Bitcoin treasury companies but can be misleading or dishonest. NYDIG noted that, first, mNAV fails to account for operating businesses or other assets that digital asset reserve companies (DATs) may have, while most large Bitcoin asset reserve companies do have value-creating businesses. Second, mNAV often uses an "assumed outstanding number of shares," which may include convertible bonds with unfulfilled conversion conditions. Convertible bond holders may demand cash repayment, which is a much heavier liability for DATs than simply issuing shares. Furthermore, convertible bonds are essentially volatility arbitrage tools, giving DATs an incentive to maximize equity volatility.PANews reported on September 28th that The Block reported that Strive Asset Management acquired Semler Scientific in an all-stock transaction, creating a combined company with over 10,900 BTC. In response, NYDIG Global Head of Research Greg Cipolaro stated in a report that the commonly used "mNAV" metric (defined as market capitalization divided by cryptocurrency holdings) should be removed from industry reports. The acquisition highlights potential issues with the mNAV metric, which is used to assess the value of Bitcoin treasury companies but can be misleading or dishonest. NYDIG noted that, first, mNAV fails to account for operating businesses or other assets that digital asset reserve companies (DATs) may have, while most large Bitcoin asset reserve companies do have value-creating businesses. Second, mNAV often uses an "assumed outstanding number of shares," which may include convertible bonds with unfulfilled conversion conditions. Convertible bond holders may demand cash repayment, which is a much heavier liability for DATs than simply issuing shares. Furthermore, convertible bonds are essentially volatility arbitrage tools, giving DATs an incentive to maximize equity volatility.