David Bailey’s Nakamoto exceeded 23X mNAV, 11X higher than MSTR
Bitcoin Magazine’s David Bailey is hoping to merge some of his companies into publicly-traded Kindly, and the valuation investors placed on the merger put Michael Saylor to shame. Thanks in part to Saylor himself amplifying Bailey’s news with its difficult-to-calculate metrics, Bailey’s company briefly rallied to a multiple-to-Net Asset Value (mNAV) over 11X greater than Saylor’s company. The imputed value of Bailey’s fully converted entity, which will eventually be called Nakamoto, briefly exceeded a 20X mNAV this morning. This colloquial and imprecise valuation metric is popular among bitcoin (BTC)-focused equity investors. $KDLY is the newest merger that will form a $BTC holdings company. Let's figure out the current mNAV. Current $KDLY price per share: $29 Market Cap: $175 million Shareholders will own 1.2% of post-merger company. Capital Raised: $710 million nMAV = Market Cap / Total… — Lavan Pathmanathan (@LavanPath) May 12, 2025 Popularized by the X...