mNAV
Multiple on Net Asset Value: how a treasury company trades relative to its BTC.
Definition
mNAV (multiple on Net Asset Value) measures how many times a company's market cap trades above the net value of its Bitcoin reserve. It is the equivalent of the traditional P/B ratio, applied to Bitcoin treasury companies. The formula is straightforward: mNAV = Market Cap / (BTC × BTC Price).
A numerical example. A treasury company holds 10,000 BTC on its balance sheet and trades at a market capitalization of $1,500 million. With Bitcoin at $85,000, the BTC NAV is worth $850 million. The mNAV is 1,500 / 850 = 1.76x. The market is paying a 76% premium over the pure value of the BTC reserve.
Indicative ranges. An mNAV below 1x indicates a discount: the market values the company below its BTC. Between 1x and 1.5x is considered a fair premium: the market recognizes the flywheel effect without euphoria. Between 1.5x and 2.5x is a high premium, associated with aggressively accumulating treasury companies. Above 2.5x we enter euphoria territory, with reversal risk if BTC Yield fails to keep pace.
NAV vs mNAV. These are two distinct metrics that are often confused. NAV is an absolute number in USD (BTC price × holdings). mNAV is a ratio of market cap to that NAV. NAV measures the value of the reserve; mNAV measures the premium the market pays for it. See the NAV entry for more detail.
In Context
Strategy has historically traded at an mNAV between 1.2x and 3.5x depending on the point in the cycle.
Strategy's (MSTR) mNAV right now: 1.04×
Market capitalization divided by the value of its 845,050 BTC at the current price.
Frequently Asked Questions
What is the mNAV of a Bitcoin treasury company?
The multiple at which the company's market cap trades over the net value of its Bitcoin reserve. An mNAV of 1.76x means the market pays a 76% premium over the pure value of its BTC.
How is mNAV calculated?
mNAV = market capitalization ÷ (BTC on balance sheet × Bitcoin price). A treasury with 10,000 BTC, Bitcoin at $85,000 and a $1,500M market cap has an mNAV of 1,500/850 = 1.76x.
What does an mNAV below 1x mean?
The stock trades at a discount to its NAV: the market values the company below the market value of its own Bitcoin. It can signal distrust in management, in the debt load, or in the ability to keep accumulating.
What mNAV range is considered normal?
As a guide: below 1x is a discount; 1x to 1.5x, a fair premium; 1.5x to 2.5x, a high premium associated with aggressive accumulation; above 2.5x, euphoria territory with reversal risk if BTC Yield fails to keep pace.
Where can I see each treasury's live mNAV?
SatsIntel's mNAV calculator shows the live mNAV of the main listed treasury companies, computed from their verified holdings and the current Bitcoin price, and lets you compare them side by side.
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