⚡ CRYPTO FLASH REPORT

🤔 What is mNAV for MSTR?

mNAV (Modified Net Asset Value) for MSTR represents the underlying Bitcoin value per MicroStrategy share. It's calculated by taking MicroStrategy's total Bitcoin holdings, multiplying by current Bitcoin price, then dividing by the number of shares outstanding.

Formula: mNAV = (Bitcoin Holdings × Bitcoin Price) ÷ Shares Outstanding

Current Example: If MicroStrategy holds 629,376 Bitcoin at $111,475 each with 283.8M shares outstanding:
mNAV = (629,376 × $111,475) ÷ 283,800,000 = $247 per MSTR share

This tells you the "pure Bitcoin value" backing each MSTR share, ignoring MicroStrategy's software business, debt, and market sentiment.

₿ What is mNAV in Bitcoin?

mNAV in Bitcoin context specifically refers to how publicly-traded companies that hold Bitcoin are valued relative to their underlying Bitcoin holdings. It's primarily used for "Bitcoin proxy" stocks like:

• MicroStrategy (MSTR): The most famous Bitcoin treasury company
• Bitcoin mining companies: Marathon Digital, Riot Platforms, etc.
• Bitcoin ETFs: Though these typically trade close to NAV

Why mNAV matters in Bitcoin investing:

• Premium/Discount Analysis: Shows if you're paying more or less than the underlying Bitcoin value
• Leverage Play: MSTR often moves 2-3x Bitcoin's percentage moves
• Traditional Account Access: Buy Bitcoin exposure in 401k, IRA, or traditional brokerage
• Tax Considerations: Different tax treatment than direct Bitcoin ownership

Key Insight: During Bitcoin bull markets, MSTR often trades at 50-100%+ premiums to mNAV as investors pay extra for leveraged Bitcoin exposure and convenience.

🔄 MicroStrategy Rebrands to Strategy™

Company Evolution: MicroStrategy® Incorporated (Nasdaq: MSTR) has announced it is now doing business as Strategy™, reflecting its transformation into the world's first and largest Bitcoin Treasury Company.

Investment Impact: The rebrand reinforces Strategy's commitment to Bitcoin accumulation and its unique position as a leveraged Bitcoin play in traditional markets. The mNAV calculator remains crucial for understanding the premium/discount to the company's Bitcoin treasury value.

Note: While the company rebrands to Strategy™, it continues trading under the MSTR ticker symbol on Nasdaq.

📖 How MSTR MNAV Works

• Modified NAV: MicroStrategy's Bitcoin holdings value divided by shares outstanding
• Premium: When MSTR trades above Bitcoin NAV (red indicator)
• Discount: When MSTR trades below Bitcoin NAV (green indicator)
• Bitcoin Exposure: How much Bitcoin exposure you get per $1 invested in MSTR
• Implied BTC Price: What Bitcoin price would justify current MSTR valuation
• Data Freshness: Holdings data is critical - MicroStrategy buys Bitcoin regularly, changing the MNAV calculation significantly

🎯 MicroStrategy's Equity Guidance Framework

Management's official strategy based on mNAV ratios:

Current Status: Will be calculated automatically

Source: MicroStrategy Equity Guidance (Strategy.com, August 2025)

⚡ Key Insights

• MSTR often trades at a premium during Bitcoin bull markets
• The premium reflects market sentiment and Bitcoin leverage
• MicroStrategy adds Bitcoin through various financing methods
• Consider volatility - MSTR typically moves 2-3x Bitcoin's percentage moves
• Tax implications differ from direct Bitcoin ownership
• Equity guidance provides clear framework for management actions at different mNAV levels

📰 Latest MSTR & mNAV News

⚠️ Important Disclaimer

Not Financial Advice: This MSTR MNAV calculator is for educational and informational purposes only. It does not constitute financial, investment, or trading advice. MicroStrategy (MSTR) and Bitcoin investments are highly volatile and risky. Always consult with a qualified financial advisor before making investment decisions. Past performance does not guarantee future results.