NYDIG Urges Crypto Industry to Dump Misleading mNAV Metric

**NYDIG Research Chief Calls for Crypto Industry to Abandon Misleading mNAV Metric**

Leading cryptocurrency investment firm NYDIG is urging the digital asset industry to discontinue using the market-to-net-asset value (mNAV) ratio, according to Greg Cipolaro, the company's head of research. This call comes as Bitcoin and blockchain-based investment products face increased scrutiny over valuation methodologies.

The mNAV metric, commonly used to evaluate cryptocurrency exchange-traded funds and investment trusts, compares market capitalization to underlying digital asset holdings. Cipolaro argues this ratio provides misleading signals to investors navigating the volatile cryptocurrency market.

NYDIG's position reflects growing concerns about transparency and accuracy in DeFi and traditional crypto investment vehicles. As institutional adoption of Bitcoin and other digital assets accelerates, proper valuation metrics become crucial for investor protection and market stability.

The cryptocurrency industry has seen unprecedented growth, with various blockchain projects and decentralized finance protocols reshaping traditional finance. However, standardized evaluation methods remain contentious among market participants.

This development could influence how cryptocurrency funds, ETFs, and investment products report performance metrics, potentially impacting investor decision-making across the broader digital asset ecosystem.