The Bitcoin treasury space has grown faster than anyone expected. New companies, new capital structures, new strategies, new markets. BitcoinTreasuries.net has grown to become the leader in covering institutional Bitcoin adoption, and with that growth it has become necessary to sharpen how we define and display mNAV across the site.
What is Changing
A Bitcoin Treasury Company is a company that is explicitly targeting Bitcoin-denominated performance metrics, such as bitcoin per share or bitcoin yield. This is different from a company that simply holds bitcoin on its balance sheet as part of its treasury strategy. That distinction matters for how mNAV is applied.
As a result, on BitcoinTreasuries.net, we are making updates:
On the leaderboard, mNAV will be removed for companies that do not explicitly target Bitcoin KPIs as a core part of their strategy. This includes bitcoin miners and companies where bitcoin is a secondary holding. For these companies, mNAV is not a relevant performance measure, and displaying it alongside dedicated treasury companies creates a misleading comparison.
For Bitcoin Treasury Companies on the leaderboard, the default mNAV displayed will be Enterprise Value mNAV, as calculated: (Market Cap + Total Debt + Preferred Stock - Cash) / (BTC Holdings x BTC Price)
On individual company pages, the default mNAV chart will be Enterprise Value mNAV where data is available. Alternative mNAV calculations, Basic and Fully Diluted mNAV, will continue to be shown as alternate calculations.
Why Enterprise Value mNAV
What it is
Enterprise Value mNAV measures what a company's entire capital structure is paying per dollar of bitcoin held. It accounts for debt and preferred stock sitting above common equity in the capital structure. It does not make assumptions about how convertible instruments will resolve.
Why it is the right default
It reflects the full capital structure. Debt and preferred stock represent prior claims on bitcoin assets. Ignoring them understates the true cost of bitcoin exposure for equity holders.
It is scenario-agnostic. It treats debt as debt regardless of whether it eventually converts to equity or gets repaid in cash, making it consistent across market conditions.
It is increasingly adopted by leading treasury companies. Industry pioneers reference EV mNAV in their SEC filings and use it as the headline metric on their corporate investor dashboards. As the space matures, EV mNAV is becoming the measure serious operators use to communicate with institutional investors.
With no meaningful debt, EV mNAV and Basic mNAV converge. The metric only matters once a balance sheet carries senior claims, which is exactly where getting it right matters most.
One limitation worth noting is that EV mNAV treats all debt equally regardless of when it matures. For companies carrying large obligations due within 12 to 18 months, the urgency of an approaching maturity schedule is a material input that mNAV alone does not capture, and individual company pages should be read alongside available debt disclosures.
How it compares to the alternatives
Basic mNAV (Market Cap / BTC NAV) is useful for quick comparisons but ignores that creditors and preferred holders carry senior claims on company assets. In a liquidation, those claims would be satisfied first from whatever those assets fetch, bitcoin included. For any levered company, Basic mNAV does not account for the senior claims that would be satisfied before equity holders, making it an incomplete measure of equity's true bitcoin exposure.
Fully Diluted mNAV (Fully Diluted Market Cap / BTC NAV) adjusts for potential dilution in the future from such sources as convertible debt, but only models the scenario where conversion is attractive. When conversion prices are out of the money, it overstates the share count dilution and misses the more relevant risk, which is that the debt becomes a cash repayment obligation. It models dilution where it matters least and ignores risk where it matters most.
Managing and Contributing Company Data
BitcoinTreasuries.net is the definitive leaderboard for institutional Bitcoin holdings.
Treasury operators can claim and manage their company's page directly, including their BTC holdings and company profile data.
Create an account using your verified work email
Submit a claim to manage your company's page (including private companies)
Submit treasury and company profile updates for our data team to review and publish.
This covers bitcoin holdings as well as the inputs that feed mNAV calculations: share counts, debt, and preferred shares.
If your company is not yet listed, log in, click "Submit New Entity" in the top right corner, and our team will review your submission to be added to our leaderboard.
Individual private investors can also contribute data, not just company representatives. In your BitcoinTreasuries.net account, submit an edit with a primary source such as an SEC filing, press release, or official company disclosure and our data team will review it. Verified company submissions are published faster, but community corrections with documentation are applied on an ongoing basis.
For a full walkthrough guide on creating or managing your company page, contact us at press@bitcointreasuries.net.
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