Understanding mNAV: A Guide to Bitcoin Treasury Valuation

What is mNAV?

mNAV — or market cap to net asset value — is the single most important metric for evaluating Bitcoin treasury companies. It measures the premium (or discount) the market assigns to a company’s Bitcoin holdings relative to the spot value of those holdings.

How to Calculate mNAV

The formula is straightforward:

mNAV = Market Capitalization / Net Asset Value of BTC Holdings

For example, if a company holds $10 billion worth of Bitcoin and has a market cap of $20 billion, its mNAV is 2.0x — meaning the market values the company at twice the value of its underlying Bitcoin.

Why Does mNAV Matter?

An mNAV above 1.0x signals that the market believes the company creates value beyond simply holding Bitcoin. This premium can reflect:

• Operational expertise in Bitcoin treasury management
• Access to capital through innovative financing structures
• Brand value and market positioning
• Expected future BTC accumulation through yield-generating strategies

mNAV Across the Industry

Strategy has consistently traded at an mNAV premium, often between 1.5x and 3.0x. Other Bitcoin treasury companies show varying premiums based on their execution and market perception.

Understanding mNAV is essential for any investor evaluating the Bitcoin treasury space.