New Bitcoin Metric 'Days to Cover' Gains Investor Trust

A new metric dubbed ‘Days to Cover’ is quickly becoming a go-to tool for Bitcoin investors aiming to assess companies with significant BTC holdings. Developed by Blockstream CEO Adam Back, the metric offers a novel way to gauge how long it would take for a company to earn its market valuation solely through its Bitcoin accumulation.

‘Days to Cover’ uses a logarithmic formula to evaluate the ratio between a company’s market capitalization and the value of its BTC assets, taking into account the rate at which the company adds Bitcoin to its balance sheet. Specifically, it shows the number of days needed for the firm’s Bitcoin stacking pace to "cover" its entire market value, a method that helps distinguish truly BTC-driven companies from those riding the crypto wave for branding purposes.

According to MicroStrategist, a platform tracking Bitcoin corporate data, companies like MetaPlanet and The Blockchain Group have among the shortest ‘Days to Cover’—110 and 152 days respectively—due to their aggressive BTC accumulation strategies, each yielding over 1.4% daily. Meanwhile, MicroStrategy, despite holding a record 576,230 BTC, logs a much longer 626-day timeline due to its more measured pace of Bitcoin acquisition. Still, it remains the most institutionally favored BTC stock.

This metric has already proven its market relevance. In March, The Blockchain Group showed one of the lowest ‘Days to Cover’ scores, and its stock subsequently soared over 834%, signaling how potent the metric could be as an investment indicator.

As Bitcoin continues to mature, tools like ‘Days to Cover’ are becoming vital for serious investors. More than just a snapshot of BTC exposure, it provides a dynamic, real-time signal of a company’s commitment to Bitcoin fundamentals—offering sharper insight into which players are truly building value through the world’s leading cryptocurrency.