mNAV MoamNAV0.58×
EV mNAV0.83×
Diluted mNAV0.67×
Coins/share growth+11.0% YTD+26.2% 1Y
Inputs and sources
| Item | Value | As of | Source |
|---|---|---|---|
| BTC price | $76,000.01 | 2026-11-07 16:18 KST | Binance |
| Stock price | 237.00 JPY | 2026-11-06 15:30 KST | Yahoo Finance |
| Coins held | 44,000 | 2026-09-30 | IR |
| Shares outstanding | 1,290,274,296 | 2026-10-14 | IR |
| Cash & USD assets | $6,879,747 | 2026-06-30 | IR |
| Debt (face) | $700,200,000 | 2026-09-30 | IR |
| Preferred (liquidation pref.) | $149,430,380 | 2026-09-30 | IR |
Calculation
- Coin value
- 44,000 × $76,000.01 = $3.34B
- Market cap
- 1,290,274,296 sh × $1.50 = $1.93B
- mNAV
- $1.93B ÷ $3.34B = 0.58×
- EV mNAV
- ($1.93B + debt $700.2M + preferred $149.4M − cash $6.9M) ÷ $3.34B = 0.83×
- Coins / 1,000 shares
- 0.0341 BTC
- 1.0× price
- ¥411 ($2.59)
- Implied BTC price
- $43,868.62
- Avg purchase price
- ¥15,555,717 ($98,190) 2026-09-30 · IR
- vs. cost
- -22.6% −$976.4M
- Debt/NAV
- 25%
- Company-reported yield
- +11.3% IR
Calculator
Stock at current mNAV (0.58×)—
Stock at 1.0×—
mNAV—
Implied BTC price—
mNAV history
Holdings history as reported
| As of | Holdings | Change | Shares | Source |
|---|---|---|---|---|
| 2026-09-30 | 44,000 | +1,000 | 1,364,282,624 | IR |
| 2026-06-30 | 43,000 | +2,823 | 1,281,283,624 | filing |
| 2026-03-31 | 40,177 | +5,075 | 1,274,171,340 | filing |
| 2025-12-31 | 35,102 | +4,279 | 1,142,274,340 | filing |
| 2025-09-30 | 30,823 | +5,268 | 1,140,974,340 | filing |
| 2025-09-22 | 25,555 | +5,419 | 1,140,974,340 | filing |
| 2025-09-08 | 20,136 | +136 | 755,974,340 | filing |
| 2025-09-01 | 20,000 | +1,009 | 751,214,340 | filing |
| 2025-08-25 | 18,991 | +103 | 722,014,340 | filing |
| 2025-08-18 | 18,888 | +775 | 717,114,340 | filing |
| 2025-08-12 | 18,113 | +518 | 702,214,340 | filing |
| 2025-08-04 | 17,595 | 692,914,340 | filing |