NYDIG has called for the removal of the misleading mNAV metric used by bitcoin treasury companies, arguing that it does not accurately reflect the value of firms with operational businesses and relies on potentially inaccurate assumed shares outstanding. The discussion was prompted by Strive Asset Management's acquisition of Semler Scientific, which combined their holdings of over 10,900 BTC and raised concerns about how investors evaluate bitcoin treasury firms.

Coinbase is set to join the S&P 500, replacing Discover Financial Services, with the change effective before trading on May 19. The announcement comes as Coinbase's shares surged 8% in after-hours trading, despite its stock being volatile and underperforming this year compared to bitcoin. Additionally, Coinbase recently reported a net income of $65.6 million and plans to acquire crypto derivatives exchange Deribit for $2.9 billion.