About

mNAV Moa compares the mNAV (market cap ÷ value of coins held) of listed companies that hold bitcoin, ether, solana and other digital assets as corporate treasury. It covers 50+ companies across 10 countries (US, Japan, Korea, Europe, Canada, Brazil, Hong Kong and more) and 17 coins.

What it shows

• Per company: basic mNAV, EV mNAV (debt, preferred and cash included), diluted mNAV (company-reported fully diluted shares)
• 1.0× share price, implied coin price, debt/NAV, coins-per-share growth, breakeven years
• Per coin: total holdings, holdings-weighted average cost, holders' P&L, net buying (7D · 30D · YTD)
• KRW conversion with kimchi premium, calculators in trading currency, side-by-side comparison, 1-year history

Data principles

• Holdings, share counts, cash, debt and average cost come only from company filings (8-K, 10-Q/10-K, 6-K, DART, TDnet, ASX, etc.) and company IR materials. Values are never copied from other trackers.
• Every number carries a source link and an as-of date. If there is no filing, the field stays empty rather than estimated.
• Companies whose reported holdings are many times their market cap and cannot be verified through a named custodian or audited statements are not listed.
• Coin prices from Binance and Upbit; share prices and FX from Yahoo Finance, refreshed every 5 minutes.

Operation

Run by an individual. Nothing here is investment advice or a recommendation to buy or sell any security. See Method for formulas and Data for downloads. If you spot an error, please point to the source link on the company page and it will be checked and corrected.