Market to Bitcoin NAV (mNAV)

mNAV is a valuation multiple that compares the company’s enterprise value to its Bitcoin NAV. In other words, it measures how much the market is valuing the company relative to the value of its bitcoin holdings.

Unlike traditional “net asset value” (NAV), this metric is not a per-share measure of asset backing. Instead, it’s a ratio: enterprise value divided by Bitcoin NAV.

Where:

Enterprise Value = (Market value of all Class A + Class B shares, based on Class A price) + (Total debt) + (Notional value of perpetual preferred stock) – (Cash balance)

Bitcoin NAV = Value of all BTC held by the company (BTC in Treasury × current BTC price)

Interpretation for Investors

If mNAV = 1.0 → The market is valuing the enterprise roughly equal to the company’s Bitcoin holdings alone, net of cash and liabilities.

If mNAV > 1.0 → The company trades at a premium to its Bitcoin NAV, suggesting the market is assigning extra value to intangibles like strategy, brand, or premium access to BTC through equity.

If mNAV < 1.0 → The company trades at a discount to the value of its Bitcoin holdings, possibly reflecting concerns about debt, operating model, or other risks.

Why It Matters

mNAV helps investors quickly gauge how the market values a Bitcoin treasury company compared to its raw BTC holdings.

It’s not a substitute for audited financials, but a high-level indicator of how much of the company’s valuation is driven by its BTC treasury vs. other factors. mNAV focuses on the whole enterprise’s valuation multiple, making it most useful for comparing across companies in the Bitcoin treasury space.