⚡ CRYPTO FLASH REPORT
What is mNAV? The metric that tells you what Bitcoin proxy stocks are really worth
What is mNAV? The metric that tells you what Bitcoin proxy stocks are really worth
mNAV (Modified Net Asset Value) is the metric used to value Bitcoin-holding public companies relative to their underlying Bitcoin holdings. It tells you, in a single number, whether a stock like MSTR is cheap or expensive compared to the Bitcoin it owns.
An mNAV of 1.0x means the stock's market cap equals its Bitcoin holdings at current prices — you're paying exactly for the Bitcoin. Above 1.0x is a premium; below 1.0x is a discount.
It's called "modified" because it adapts traditional Net Asset Value analysis (used in real estate and closed-end funds) to Bitcoin-treasury companies, stripping out everything except the BTC.
Example: If a company holds 100,000 BTC, Bitcoin is at $100,000, and there are 300 million diluted shares outstanding:
Use our MSTR mNAV Calculator to run this with live prices automatically.
Historical range for MSTR: below 0.8x (bear market lows, 2022) to above 4x (bull market peak). The median since the Bitcoin treasury strategy began is approximately 1.5–2x.
Any public company with material Bitcoin holdings can be analyzed using mNAV. The most commonly tracked:
| Company | Ticker | Type | mNAV Framework? |
|---|---|---|---|
| Strategy™ (MicroStrategy) | MSTR | Bitcoin treasury company | Yes — official equity guidance at 4 ratio bands |
| Marathon Digital | MARA | Bitcoin miner | No formal framework; tracked by analysts |
| Riot Platforms | RIOT | Bitcoin miner | No formal framework; tracked by analysts |
| Metaplanet | TYO: 3350 | Bitcoin treasury company | Follows MSTR model; informal |
| Semler Scientific | SMLR | Healthcare + Bitcoin treasury | No formal framework |
Strategy is the only company with a published, official mNAV-based equity management framework. This makes MSTR's mNAV the most analytically useful and the most widely referenced.
See the full comparison: Bitcoin Treasury Companies →
Traditional NAV (Net Asset Value) is used for funds, REITs, and holding companies. It accounts for all assets and liabilities — property, cash, debt, goodwill, everything.
mNAV is narrower by design. It strips everything down to just the Bitcoin position:
This makes mNAV a clean lens for answering one specific question: how much am I paying per dollar of Bitcoin exposure? It doesn't tell you whether the company is well-run, debt-sustainable, or fairly valued on a total-enterprise basis.
The premium isn't irrational. Strategy can issue shares at a premium to NAV and use the proceeds to buy Bitcoin. Because they're raising capital at 2x NAV and deploying it at 1x NAV, the net effect is more Bitcoin per share for existing holders — the NAV flywheel.
Premiums compress when:
The premium can compress faster than Bitcoin itself falls — MSTR can drop 40% on a day Bitcoin drops 15%. Understanding where the current mNAV sits in its historical range is the starting point for sizing that risk.
See the live mNAV ratio, premium/discount, and which equity guidance zone MSTR is in right now.
Open MSTR mNAV Calculator →Get notified when MSTR enters the buy zone (under 1.5x NAV) or extreme premium territory.
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Bitcoin and MSTR are highly volatile. Always consult a qualified financial advisor before investing.