mNAV Calculator
The mNAV (multiple on Net Asset Value in Bitcoin) measures how many times a treasury trades over its NAV. An mNAV of 1.5× means the market pays a 50% premium over the value of its BTC.
Select a treasury
Parameters
BTC on balance: 843,775 BTC· live
NasdaqGS· market post
Estimate: market cap ÷ price · editable
My position
Optional — calculate your personal exposure
Enter your shares to see your BTC equivalent and the premium paid over NAV.
🇺🇸 Strategy (MicroStrategy) · mNAV
Breakdown
Market Cap
price × shares
—
BTC NAV
843,775 BTC × $85,000
$71,720,875,000
BTC per share
BTC holdings ÷ shares
—
NAV per share
BTC value per share in USD
—
mNAV = Market Cap / (BTC × BTC Price)
An mNAV > 1 means the market pays a premium. This is justified by the BTC Yield flywheel: treasuries use their premium to issue shares and buy more BTC, increasing BTC per share over time.
Quick comparison — top 15 treasuries by BTC · click a header to sort
| Company | BTC ▼ | BTC NAV | Stock price | Market Cap | mNAV |
|---|---|---|---|---|---|
MSTR | 843,775 | $71,720,875,000 | $93.33 | $34,095,280,128 | 0.48× |
XXI | 43,514 | $3,698,690,000 | $4.35 | $1,508,614,016 | 0.41× |
3350.T | 43,000 | $3,655,000,000 | $1.32 | $1,694,027,114 | 0.46× |
ASST | 20,000 | $1,700,000,000 | $11.06 | $930,145,792 | 0.55× |
ALCPB.PA | 3,139 | $266,815,000 | $0.54 | $163,245,203 | 0.61× |
EMPD | 2,914 | $247,690,000 | $3.01 | $84,611,440 | 0.34× |
DDC | 2,899 | $246,415,000 | $0.46 | $21,902,584 | 0.09× |
GNS | 154 | $13,090,000 | $0.15 | $28,792,126 | 2.20× |
BTCS | 40 | $3,400,000 | $0.99 | $49,277,620 | 14.49× |
COSM | 36 | $3,060,000 | $0.18 | $11,341,723 | 3.71× |
NVVE | 15 | $1,275,000 | $1.20 | $629,673 | 0.49× |
YHC | 12 | $1,020,000 | $1.61 | $2,099,179 | 2.06× |
ACXP | 12 | $1,020,000 | $1.39 | $5,973,856 | 5.86× |
WKSP | 5 | $425,000 | $0.59 | $8,739,149 | 20.56× |
BTC price live (CoinGecko) · stock prices: top 15 refreshed live (Yahoo) + snapshot Jul 29, 2026 · mNAV at current BTC price
What is mNAV?
The key metric for knowing whether a Bitcoin treasury trades expensive, fair or cheap versus the real value of its BTC reserve.
Definition
mNAV (multiple on Net Asset Value) measures how many times a treasury's market cap trades over the net value of its Bitcoin reserve. It's the equivalent of the traditional P/B ratio, but applied to companies whose main asset is BTC.
An mNAV of 1.5× means the market pays a 50% premium over the pure value of the BTC reserve. An mNAV of 0.8× is a 20% discount.
The flywheel effect
Why can a treasury trade at a sustained premium? Because a company with mNAV > 1 can issue new shares at the market price (at a premium) and use that cash to buy more BTC per share than it would otherwise. That growth in BTC per share is called BTC Yield.
The flywheel spins: premium → issuance → more BTC/share → more justified premium. When the flywheel slows (BTC Yield falls, the market doubts), the mNAV compresses.
How to interpret each range
| mNAV range | Signal | What it means |
|---|---|---|
| < 1.00× | Discount | The market values the company below its pure BTC reserve. An opportunity for those who believe in the strategy, or a sign the market doubts management. |
| 1.00× – 1.50× | Fair premium | A slight premium. The market recognises future BTC Yield and strategic optionality, without euphoria. The zone of established treasuries. |
| 1.50× – 2.50× | High premium | The market prices in aggressive accumulation and high confidence in the treasury strategy. Compression likely if BTC Yield doesn't keep the pace. |
| > 2.50× | Extreme premium | Euphoria zone. Price discounts very aggressive future BTC Yield growth. Significant reversion risk if BTC falls or the market doubts. |
The ranges are indicative. The right mNAV depends on each treasury's historical BTC Yield, accumulation pace and the quality of its capital structure (debt, preferreds, dilution).
Next step
Explore the full treasuries directory
Ranges, holdings, live price and mNAV of every listed treasury — ranked by BTC reserve.
mNAV — 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: mNAV = market capitalization ÷ (BTC held × Bitcoin price). An mNAV of 1.5x means the market pays a 50% premium over the value of its BTC.
How does this calculator compute mNAV?
It divides each company's market capitalization by the value of its verified BTC holdings at the live Bitcoin price. Holdings come from the SatsIntel directory, verified against public filings and announcements, and prices refresh in real time.
What does trading at a premium or discount to NAV mean?
Above 1x the market pays a premium over the reserve's value; below 1x the stock trades at a discount — you can buy exposure to its Bitcoin for less than the Bitcoin itself. As a guide, 1x-1.5x is a fair premium and above 2.5x is euphoria territory.
Why do some companies not show an mNAV?
The ratio is only meaningful for pure treasury companies. For miners, exchanges or companies with a large operating business, the market cap reflects the whole business, not just the BTC, so the mNAV would be inflated and misleading.