mNAV — multiple of net asset value — is the headline metric for a bitcoin treasury company: a listed company whose main strategy is to hold Bitcoin (or another crypto asset) on its balance sheet. It compares what the stock market says the company is worth with what its coins are worth.
The basic calculation
mNAV = company value ÷ value of crypto held
If a company holds 10,000 BTC worth 700 million dollars and its shares are worth 1.05 billion dollars in total, its mNAV is 1.5: investors are paying 1.50 dollars for every 1 dollar of Bitcoin the company owns.
- Above 1 — a premium. The market values the company above its holdings, whether for its ability to raise capital and buy more coins, its operating business, or other reasons.
- Exactly 1 — the company is priced at the value of its coins.
- Below 1 — a discount. The company is worth less than the coins it holds.
Why the premium matters to the model
A company trading above 1 can issue new shares and use the proceeds to buy more Bitcoin, increasing the Bitcoin held per share for existing holders. Below 1, issuing shares to buy coins does the reverse, diluting holders' Bitcoin per share — which is why a sustained discount pushes these companies toward other responses, such as share buybacks or pausing purchases.
Why different mNAV figures disagree
"Company value" is not one number. The simplest version uses market capitalisation. Others use enterprise value, which adds debt and preferred stock, or a net measure that subtracts senior claims ahead of common shareholders. A company with large debt or preferred issuance can show three noticeably different mNAVs at the same moment — our coverage in July 2026 reported Strategy introducing revised metrics for exactly that reason. Always check which definition a quoted figure uses.
Further reading on MoonWire
- What Is a Bitcoin Treasury Company? — the business model behind the metric.
- Our Bitcoin coverage hub tracks treasury-company news as it was reported.