Incremental BTC Required

Incremental BTC Required represents the extra bitcoin a company must acquire (beyond what it already has or could deploy with cash on hand) to hit a key financial goal—most often achieving a market Net Asset Value (mNAV) of 1. In practical terms, it spotlights the remaining road the company needs to travel to achieve “full coverage,” where every outstanding share is backed by the targeted bitcoin-equivalent asset base.

Formula: Incremental BTC Required = Forward mNAV – 1 If mNAV is expressed per share, multiply the difference by total shares (basic or fully diluted). If using absolute company-wide values, the result directly shows the number of bitcoins needed.

Why Is This Metric Important for New Investors?

It shows, numerically, how close (or far) the company is to its ideal bitcoin reserve status. A low incremental requirement indicates that the company is nearly fully “bitcoinized”; a high figure reveals a major gap yet to be filled.

Companies with substantial incremental BTC required may need to grow operations, raise new capital, or shift strategy to close the gap. For investors, this spotlights where management’s future focus may lie—and where risks and opportunities exist.

You can easily compare how much “catch-up” work remains for different firms within the sector, helping prioritize stocks with the most achievable (or most ambitious) bitcoin coverage plans.