--- title: "What Is mNAV for Bitcoin Treasury Companies?" term: "mNAV (multiple of net asset value)" type: glossary_term canonical: https://www.moonwire.org/insights/glossary/mnav.html --- # What Is mNAV for Bitcoin Treasury Companies? > A treasury company's market value divided by the value of the crypto it holds. Above 1 the market prices the company at a premium to its coins; below 1, at a discount. **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](/insights/market-pulse-2026-07-27.html) 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?](/insights/what-is-a-bitcoin-treasury-company.html) — the business model behind the metric. - Our [Bitcoin coverage hub](/insights/topics/bitcoin.html) tracks treasury-company news as it was reported. ## Further reading - [MoonWire: What Is a Bitcoin Treasury Company?](https://www.moonwire.org/insights/what-is-a-bitcoin-treasury-company.html) - [Wikipedia: Net asset value](https://en.wikipedia.org/wiki/Net_asset_value) ## Where this appears in MoonWire analysis - [mNAV Below 1 Explained: How to Calculate It, and Why Three Versions Disagree](https://www.moonwire.org/insights/mnav-below-1-explained.md) — Sep 12, 2026 - [Three Bitcoin Reads Waited on a Level. The Conviction Was in Fee Revenue.](https://www.moonwire.org/insights/market-pulse-2026-08-25.md) — Aug 29, 2026 - [Market Pulse — July 27: Strategy Went Five Weeks Without Buying Bitcoin — and Named Coin Sales as a Funding Source for Its Buybacks](https://www.moonwire.org/insights/market-pulse-2026-07-27.md) — Jul 29, 2026 - [What Is a Bitcoin Treasury Company? The Premium That Powers the Model, and the Stress Test It Just Faced](https://www.moonwire.org/insights/what-is-a-bitcoin-treasury-company.md) — Jun 30, 2026 - [Market Pulse — June 27: The Bottom-Callers Got Louder Exactly as the Case Against Them Got Stronger](https://www.moonwire.org/insights/market-pulse-2026-06-27.md) — Jun 27, 2026 --- *MoonWire surfaces and summarizes public crypto news.* **General information only — not financial advice.** MoonWire Ltd. is not licensed by ASIC and holds no AFSL. This content does not consider your objectives, financial situation, or needs, and is not a recommendation to buy, sell, or hold any asset. *This analysis is generated by artificial intelligence and may be inaccurate, incomplete, or fabricated. Independently verify before acting.* © 2026 MoonWire Ltd. · [Terms](https://www.moonwire.org/legal/TOS) · [Risk Disclosure](https://www.moonwire.org/legal/RISK_DISCLOSURE) · [Privacy Policy](https://www.moonwire.org/legal/PRIVACY_POLICY)