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![Charles_BTCS Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1378108744983314435.png) Charles Allen (charlesallen.eth) 🐢🦄 [@Charles_BTCS](/creator/twitter/Charles_BTCS) on x 33.5K followers
Created: 2025-07-23 12:02:28 UTC

What’s the best way for Wall Street to value Digital Asset Treasury (DAT) companies? 🤔

📊 mNAV is a solid starting point — one of the cleaner metrics for comparing token-native balance sheets. But it’s just one piece of the puzzle.

🧠 I’ve been working on a valuation framework I believe Wall Street could adopt to more accurately price DATs like @NasdaqBTCS. A single metric won’t cut it.

Here’s how I breakdown and compare different DAT companies:

1️⃣ Traditional Valuation Metrics (carried over from equities)

 • 📈 Revenue Multiple
 • 💼 EBITDA Multiple (P/EBITDA)
 • 🧾 EPS
 • 📐 PEG Ratio (P/E to Growth)

2️⃣ DAT-Specific Metrics

 • Ξ Tokens per Share (ETH for BTCS)
 • 📊 Token per Share Growth
 • 🧮 mNAV 
 • 👀 Attention Multiple — e.g. X followers, impressions, etc.
 • 🌾 Yield per token (staking or protocol-derived)

3️⃣ Underlying Token Potential (This needs its own valuation framework)

 • 💸 Protocol fee accrual
 • 🔥 Supply dynamics (burn, emission schedules)
 • 🧩 Token utility across the ecosystem
 • 🗳️ Governance and future optionality

Would love to hear thoughts from other leaders pushing these models forward:

@saylor 
@gerovich 
@DavidFBailey 
@APompliano 
@jackmallers 
@SemlerEric 
@ethereumJoseph 
@SamirTabar 
@fundstrat 
@SatoshiLite 

@strategy 
@Metaplanet_JP 
@Nakamoto 
@SemlerSci 
@SharpLinkGaming 
@BitDigital_BTBT 
@BitMNR 
@defidevcorp 
@NanoLabsLtd 

Let’s align on how to define, defend, and scale valuation for the next generation of public companies.


XXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1947990697581162776/c:line.svg)

**Related Topics**
[wall street](/topic/wall-street)

[Post Link](https://x.com/Charles_BTCS/status/1947990697581162776)

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Charles Allen (charlesallen.eth) 🐢🦄 @Charles_BTCS on x 33.5K followers Created: 2025-07-23 12:02:28 UTC

What’s the best way for Wall Street to value Digital Asset Treasury (DAT) companies? 🤔

📊 mNAV is a solid starting point — one of the cleaner metrics for comparing token-native balance sheets. But it’s just one piece of the puzzle.

🧠 I’ve been working on a valuation framework I believe Wall Street could adopt to more accurately price DATs like @NasdaqBTCS. A single metric won’t cut it.

Here’s how I breakdown and compare different DAT companies:

1️⃣ Traditional Valuation Metrics (carried over from equities)

• 📈 Revenue Multiple • 💼 EBITDA Multiple (P/EBITDA) • 🧾 EPS • 📐 PEG Ratio (P/E to Growth)

2️⃣ DAT-Specific Metrics

• Ξ Tokens per Share (ETH for BTCS) • 📊 Token per Share Growth • 🧮 mNAV • 👀 Attention Multiple — e.g. X followers, impressions, etc. • 🌾 Yield per token (staking or protocol-derived)

3️⃣ Underlying Token Potential (This needs its own valuation framework)

• 💸 Protocol fee accrual • 🔥 Supply dynamics (burn, emission schedules) • 🧩 Token utility across the ecosystem • 🗳️ Governance and future optionality

Would love to hear thoughts from other leaders pushing these models forward:

@saylor @gerovich @DavidFBailey @APompliano @jackmallers @SemlerEric @ethereumJoseph @SamirTabar @fundstrat @SatoshiLite

@strategy @Metaplanet_JP @Nakamoto @SemlerSci @SharpLinkGaming @BitDigital_BTBT @BitMNR @defidevcorp @NanoLabsLtd

Let’s align on how to define, defend, and scale valuation for the next generation of public companies.

XXXXXX engagements

Engagements Line Chart

Related Topics wall street

Post Link