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.
Explore more on SatsIntel
From the concept to the real datamNAV calculator
Check whether a treasury trades at a premium or discount to the Bitcoin on its balance sheet.
Ver sección →Treasuries directory
Companies applying this concept on their balance sheets. Holdings, mNAV and live ranking.
Ver sección →Historical simulator
DCA vs lump sum on Bitcoin from any date. Drawdowns and the curve vs gold/IBIT/QQQ.
Ver sección →More glossary terms
60 definitions from the corporate Bitcoin ecosystem: protocol, metrics, regulation.
Ver sección →Read this term in Spanish: versión en español →
Corporate Bitcoin, explained every week
Definitions, data and analysis on treasuries, ETFs and preferreds in your inbox. No spam.