Metric
Premium / Discount
The percentage gap between a company's share price and its BTC NAV.
Definition
The premium or discount indicates whether a corporate treasury company trades above (premium) or below (discount) the market value of its Bitcoin. It is expressed as (mNAV − 1) × 100. A 50% premium (mNAV = 1.5x) means the market pays $1.50 for every $1 of BTC the company holds. A discount (mNAV < 1x) is rare and can represent an opportunity to buy BTC 'cheap' through the stock. Historically, the leading treasury companies have always traded at a premium thanks to the flywheel effect of their strategy.
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