Bitcoin Journal’s David Bailey is hoping to merge a few of his firms into publicly-traded Kindly, and the valuation buyers positioned on the merger put Michael Saylor to disgrace.
The imputed worth of Bailey’s totally transformed entity, which can finally be referred to as Nakamoto, briefly exceeded a 20X mNAV this morning. This colloquial and imprecise valuation metric is fashionable amongst bitcoin (BTC)-focused fairness buyers.
$KDLY is the latest merger that may kind a $BTC holdings firm. Let’s work out the present mNAV.
Present $KDLY worth per share: $29 Market Cap: $175 million Shareholders will personal 1.2% of post-merger firm.Capital Raised: $710 million
nMAV = Market Cap / Whole…
— Lavan Pathmanathan (@LavanPath) Might 12, 2025
Popularized by the X-based neighborhood of MicroStrategy buyers, Irresponsibly Lengthy MSTR, mNAV is a tough approximation of how a lot larger the market capitalization of a public firm is relative to its BTC holdings.
Something above 1 implies that the corporate is price greater than the BTC it owns.
In the present day’s mNAV for MicroStrategy is 1.9X. This summarizes the arithmetic of multiplying MicroStrategy’s $57 billion price of BTC holdings by 1.9 to supply MSTR’s $111 billion market cap.
MicroStrategy’s highest mNAV prior to now 12 months was about 4.2X on November 20, 2024. Kindly, for comparability, traded at an mNAV exceeding 23X at the moment.
Nakamoto mNAV exceeds MicroStrategy by 5X
In line with its newest investor presentation filed with the Securities and Trade Fee (SEC), a future expectation (professional forma) possession estimate on a totally transformed foundation would give Kindly shareholders at the moment 1.1% possession of the merged firm.
At its excessive at at the moment’s inventory market open, Kindly’s market cap was over $187 million.
Mathematically, that imputed a professional forma totally transformed worth of $17 billion for the longer term mixed entity.
Nevertheless, the gross proceeds of the capital elevate introduced at the moment pursuant to the merger had been solely $710 million. Kindly additionally had $2.5 million in whole property as of March 31.
Even assuming the corporate will use 100% of these gross proceeds to purchase BTC, its mNAV exceeded 23X on its 9:30am market cap at the moment.
Clearly, it didn’t take lengthy for buyers to again down on that valuation. As of publication time, the share worth of Kindly has halved since its opening excessive.
Nonetheless, at Kindly’s $95 million market cap as of publication time imputing an $8.6 billion valuation on post-merger Nakamoto, it’s nonetheless buying and selling at an mNAV exceeding 10X assuming the corporate will personal $712.5 million BTC.
