What Is mNAV?

mNAV — short for multiple of net asset value — is the ratio of a Bitcoin treasury company's market value to the value of the Bitcoin it holds. An mNAV of 1.0 means the company's equity trades in line with the value of the Bitcoin it holds; above 1.0 means the market assigns a premium to the treasury; below 1.0 means the shares trade at a discount to the Bitcoin backing them.

It's the single most important number for valuing a Bitcoin treasury company because it reduces a complicated balance sheet to one question: are you paying more or less than the Bitcoin is worth?

The formula

mNAV = Market Cap / Bitcoin NAV

where Bitcoin NAV (the company's Bitcoin net asset value) is simply:

Bitcoin NAV = Bitcoin Held × BTC Price

Worked example (illustrative): a company holds 200,000 BTC. At a Bitcoin price of $50,000, its Bitcoin NAV is $10B. If its market capitalisation is $15B, then:

mNAV = $15B / $10B = 1.5

A 1.5× mNAV means the market values the company at one and a half times the Bitcoin on its books — a 50% premium.

How to read it

• mNAV = 1.0 — equity trades exactly at Bitcoin NAV.
• mNAV > 1.0 — the market prices a strategic premium above the treasury (often for the company's ability to keep growing Bitcoin-per-share through capital markets activity).
• mNAV < 1.0 — shares trade at a discount to the underlying Bitcoin.

Because share counts change as companies raise capital, mNAV is usually shown on both a basic and a fully-diluted basis:

mNAV (Diluted) = Fully Diluted Market Cap / Bitcoin NAV

The diluted figure is the more conservative read — it accounts for shares that could be issued from convertibles, warrants and the like.

mNAV vs NAV

They're related but not the same. NAV (here, Bitcoin NAV) is a dollar amount — the market value of the Bitcoin the company holds. mNAV is a multiple — that equity's market value divided by that NAV. "Multiple" is the operative word: an mNAV of 1.5 means the shares are worth one and a half times the Bitcoin behind them.

The three calculation methods

mNAV can be measured three ways, depending on how much of the balance sheet you fold in:

1. Market Cap (default) — Market Cap / Bitcoin NAV. The cleanest read of equity value vs Bitcoin.
2. Enterprise Value — Enterprise Value / Bitcoin NAV, where EV = Market Cap + Total Debt − Cash. This accounts for leverage, so two companies with the same market cap but different debt loads compare fairly.
3. Net Assets — Market Cap / (Bitcoin NAV + Cash − Debt − Preferred Stock). Here the denominator nets out the rest of the balance sheet, isolating the equity claim on net assets.

All three describe the same idea — equity value relative to Bitcoin — but the enterprise-value and net-assets methods matter most once a company carries meaningful debt or preferred stock. By default, mNAV is shown using the Market Cap method unless stated otherwise.

Why it matters

Management teams watch mNAV when deciding whether to raise equity, buy back shares, or deploy more capital into Bitcoin: issuing stock above a high mNAV can be accretive to Bitcoin-per-share, while a persistent discount can flag a buyback or an arbitrage opportunity versus simply owning Bitcoin directly. For investors, it's the quickest gauge of whether a treasury company is cheap or expensive against the asset it's built on.

See live mNAV — and every metric investors need — in the mNAV terminal →

mNAV across the treasury cohort

Here's how the metric looks right now across the companies we track — live, sorted by Bitcoin held:

FAQ

What does an mNAV above 1 mean? The company's equity is worth more than the Bitcoin it holds — the market is paying a premium for the platform, its access to capital, and its capacity to keep accumulating Bitcoin per share.

How is mNAV calculated? At its simplest, market capitalisation divided by Bitcoin NAV (Bitcoin held × BTC price). It can also be measured on an enterprise-value or net-assets basis to account for debt, cash and preferred stock.

What's the difference between mNAV and NAV? NAV is the dollar value of the Bitcoin treasury; mNAV is the ratio of the company's market value to that NAV.

Why would a company trade above its Bitcoin NAV? Investors may pay a premium for a treasury company that can grow its Bitcoin-per-share over time — through equity raises done above NAV, operating cash flows, or favourable access to debt and preferred markets.

The numbers above are illustrative; for current mNAV across the Bitcoin treasury universe, see the live mNAV terminal.