Do you think the 1,050% BTC yield Metaplanet is achieving is sustainable in the long run?
By pure mathematics, the yield will be decreasing, as the more bitcoin a company has, the more difficult it will be to multiply it.
I understand the mNAV Days to Cover is quite low, but is this a reliable metric for an investment?
These are the new metrics, yes, the mNAV, the btc Torque, or the btc per share.
Do you think this is a sensible way to get exposure to Bitcoin?
I don't know if you are referring to companies or individuals, for companies of course, for individuals only to complement the bitcoin holdings you manage with your private keys.
Maybe I am wrong, but this is a very speculative way (no moral judgment in this definition) to increase exposure to Bitcoin.
I do think there is a moral judgement behind it. Most people believe that speculation is bad when in fact it is what makes the world change for the better. It is speculation that makes supermarkets full of food when hunger has been a widespread problem in humanity until just under a century ago. Bitcoin would be nothing without speculation, or the skyscrapers of New York, or the mobile phone in your pocket.