An Australian-based engineer has launched a new business, mNAV, to build dashboards for companies holding Bitcoin as part of their treasury assets. The company aims to provide tools that give firms clarity and transparency as more businesses in the U.S. acquire Bitcoin.

This year, a range of businesses—including those in cannabis, distilling, and healthcare devices—have started buying Bitcoin, attempting to follow the lead of Strategy, the largest corporate Bitcoin holder. mNAV’s dashboards use a metric based on comparing a company’s market capitalization to its digital asset holdings, among other performance indicators. According to company director Marty Kendall, “In a Gold rush, sell shovels. Every company needs clarity and transparency, and they really have to build to make a dashboard work.”

The first dashboard created by mNAV was for Capital B, helping investors track metrics such as share performance against Bitcoin and progress toward Bitcoin accumulation goals. The dashboard’s success led to more agreements with other organizations, including an executive network called Bitcoin for Corporations that uses mNAV’s dashboards for 17 firms, ranging from Strategy‘s $79 billion stockpile to Locate Technologies’ $1.5 million holding. Although Strategy is a prominent member, its own dashboard does not feature mNAV and uses data from another provider.

Kendall said that mNAV will eventually offer analysis to investors interested in Bitcoin treasury firms. He emphasized that the company is building tools to reduce the need for investors to review SEC filings or create their own spreadsheets. “The depth of analysis on Twitter is so shallow. There’s a lot of hopium, and that can be risky, but there’s a lot of opportunity too, if you know how to play it,” Kendall noted.

He added that his work with mNAV stems from personal interest and experience researching and investing in companies like Strategy. “Engineers get obsessed with topics solving novel problems, so that’s fundamentally at the heart of what we’re doing and trying to share that with people,” he said.

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