BTC Treasuries Uncovered

Currently, CryptoTreasuries only tracks mNAV, a simple metric calculated by dividing the market cap of a company by the value of its crypto holdings. While useful as a benchmark, it's a crude metric for many reasons. A more advanced metric to keep track of is asset per share and more importantly its growth over time. This is what justifies the mNAV premium as shareholders get yield on the underlying crypto asset.

This KeyRock article written by Ben Harvey and Will Clemente is one of the best overviews of these metrics I've seen to date:
https://keyrock.com/btc-treasuries-uncovered/