mNAV — Bitcoin Treasury Premiums & Discounts
mNAV (market-to-NAV) is the ratio between a company's market capitalization and the value of the Bitcoin it holds. Above 1×, the market pays a premium over the BTC reserve; below 1×, the stock trades at a discount — you are buying exposure to its Bitcoin for less than the Bitcoin itself is worth.
mNAV = market cap ÷ (BTC held × BTC price) · computed with the latest daily BTC price · holdings updated 2026-06-15 · only pure-play treasury companies (for miners and operating companies the ratio is not meaningful)
Interactive calculator
Simulate any BTC price and see how each company's mNAV reacts, in real time. The interactive tool is currently available in Spanish.
Disclaimer: SatsIntel is for informational purposes only. It is not an authorized crypto-asset service provider (CASP) and does not provide financial, tax or legal advice. Crypto-assets are high-risk assets and may result in the total loss of the invested capital. See the legal terms.