Fully Diluted mNAV

Fully Diluted mNAV stands for “market Net Asset Value per share, fully diluted.” It measures how much bitcoin (plus cash, at current BTC prices) theoretically backs each share—assuming every possible share has been issued.

In other words, it’s the most conservative way to estimate your real exposure to the company’s bitcoin, taking into account all stock options, warrants, preferred conversions, and convertible debt that could add new shares to the market in the future.

Formula: mNAV (fully diluted) = (BTC NAV + Cash) ÷ (BTC Price × Assumed Fully Diluted Shares) BTC NAV: Dollar value of bitcoin held (BTC in treasury × BTC price). Cash: Cash and cash equivalents available. BTC Price: Current market price per bitcoin. Assumed Fully Diluted Shares: All basic shares plus potential shares from all options, warrants, and convertible securities, calculated as if they’re all converted.

Why Does mNAV (Fully Diluted) Matter For Beginners?

True Exposure Per Share: Fully diluted shares reflect the largest possible “pool” over which the company’s bitcoin and cash must be divided. Basic share counts can overstate the per-share value by ignoring this.

Shows Impact of Dilution: By comparing mNAV (basic) versus mNAV (fully diluted), investors see how much future dilution could reduce each share’s slice of the bitcoin pie. Growth companies or those with lots of convertible securities may have large dilution gaps.

More Accurate Comparisons: For companies with complex capital structures—lots of stock options, convertible bonds, or warrants—using the fully diluted count is the standard approach for comparing across companies and for tracking your actual claim as a shareholder.