mNAV (market-to-net-asset-value) is the ratio between the market capitalisation of a company holding Bitcoin and the market value of that Bitcoin. If a company is worth $100 billion on the market and holds 500,000 BTC at $90,000 each (that is, $45 billion of Bitcoin), its mNAVmNAVMultiple on Net Asset Value: how a treasury company trades relative to its BTC.View term → is 2.22 — the market pays 2.22 times the value of the underlying treasure. You can compute the mNAV of any company in the treasuries directory with our mNAV calculator in real time.
This metric has become the primary tool for judging whether a stock like MSTR, Metaplanet, Semler Scientific or any other Bitcoin treasury company is expensive, cheap or fairly priced against the Bitcoin it holds. This article explains the formula, how to read it, why it varies across companies, and where its limits are.
The exact formula
The equation is simple: mNAV = market cap / (BTC held × BTC price).
The denominator is also called the Bitcoin NAV or the liquid value of the treasure — the money the company would theoretically receive if it liquidated all its BTC at the current price. The numerator is what the company is worth in the market's eyes: total common shares multiplied by the share price.
When mNAV is greater than 1, the stock trades at a premium to NAVNAVNet Asset Value: the net value of the assets of a fund, ETF or treasury company. In Bitcoin terms, the BTC on the balance sheet multiplied by its market price.View term → — the market pays more than the sum of the parts. When it is below 1, it trades at a discount: the market pays less than the value of the Bitcoin on the balance sheet, a situation that looks arbitrageable but rarely is (because the minority shareholder cannot access that Bitcoin directly).
Why the premium exists
The natural first reaction to seeing Strategy trade at an mNAV of 2 is to think the stock is expensive. "If I can buy the Bitcoin directly, why pay double?" The question is fair but ignores three variables.
The first is the ability to issue more Bitcoin per share. A company with a high mNAV can issue new shares at prices that accretively add BTC to every existing shareholder's balance. If MSTR trades at mNAV 2 and issues new shares, every dollar raised buys Bitcoin at a "double discount" from the existing shareholder's perspective. This is called accretion and it is the central mechanism of the Saylor model. BTC Yield is precisely the metric that captures how much accretion is being generated.
The second variable is institutional access. Many mutual funds, traditional ETFs and large corporate treasuries have mandates that prevent them holding Bitcoin directly but not shares of listed companies. For those investors, a treasury stock is the only path to Bitcoin exposure, and that access has a price.
The third is the implicit operating leverage. A treasury with well-structured convertible debtConvertible DebtA bond that can be converted into common shares under certain conditions.View term → amplifies the moves of the underlying Bitcoin. If BTC rises 20%, MSTR might rise 40% or 50% depending on how its capital structureCapital StructureThe mix of debt, preferred stock and common equity that funds a company.View term → is calibrated. For an investor seeking beta to Bitcoin, that leverage is part of the appeal.
How to read historical mNAV
Looking at a company's mNAV at a single moment tells you little. The revealing view is its historical series.
Strategy's mNAV, for example, has swung between roughly 0.9 and 3.2 since 2020. The lows coincided with Bitcoin bear phases or doubts about debt refinancing; the highs with euphoria or announcements of new capital-raising tools. Metaplanet has shown a different pattern: a smaller company with higher beta to Bitcoin, its mNAV has been far more volatile — it exceeded 8 at moments in 2024 when the Japanese market rewarded its first-mover status, then stabilised closer to 3 in 2026. Semler Scientific, with a hybrid model (operating business plus treasury), typically trades between 1.2 and 1.8: the market recognises the treasure but also values the underlying healthcare business.
When a treasury is genuinely expensive
A high mNAV does not automatically mean the stock is expensive. What you must cross-reference is mNAV against the accumulation track record. If a company trades at mNAV 3 but its annual BTC YieldBTC YieldTreasury performance metric: the change in BTC per fully diluted share.View term → is 60%, the premium is backed — every year the stock generates 60% more Bitcoin per share. If another trades at mNAV 3 but its BTC Yield is 5%, the premium is far more fragile: the market is paying for an expectation of future accumulation that is not materialising.
At SatsIntel we publish both mNAV and BTC Yield for each treasury precisely to allow this cross-reading. The mNAV calculator lets you enter any company's figures and weigh its premium against its real ability to accumulate BTC.
When a discount is an opportunity (and when it isn't)
Seeing a treasury trade below mNAV 1 is tempting — it looks like a $10 bill on the floor. Reality is more nuanced.
Sometimes the discount reflects real risks: debt near maturity, questionable governance, illiquid markets that block efficient value transmission. In those cases, "buying" the gap means buying the risks too. Our stress test computes whether a low-mNAV treasury is genuinely cheap or whether its liabilities justify the discount. Other times the discount is cyclical — low liquidity, poor sector sentiment — and closes over time. A patient investor can capture both the discount reversal and the appreciation of the underlying Bitcoin.
The limits of mNAV
mNAV is a powerful but simplifying metric. It ignores liabilities (a company with $10 billion of debt and mNAV 1.5 is not worth the same as a debt-free one at the same mNAV; to adjust for debt you use enterprise-value-to-NAV, more rigorous but less common). It ignores the operating business (in treasuries with a significant underlying business like Semler Scientific, part of the market cap reflects business cash flows, not just BTC). And it does not incorporate expected future dilution (if the market anticipates 30% more shares over the next 12 months, today's mNAV may already be discounting that).
That is why at SatsIntel we always cross three angles: mNAV, BTC Yield and stress test. Together they tell a story each one alone conceals.
Conclusion
mNAV is the cleanest way to express what the market thinks about a Bitcoin treasury companyCorporate TreasuryA company that adopts Bitcoin as a primary or significant balance-sheet asset.View term →. Above 1 there is a premium; below 1, a discount. But the number is only useful when read against the company's own historical series, against BTC Yield, and against the capital structure.
If you are new to this, continue with the other two pillars: what is a Bitcoin treasury company and BTC Yield explained. To put it into practice, use the mNAV calculator with live data from the treasuries directory.
