mNAV MoamNAV0.72×
EV mNAV0.27×
Diluted mNAV0.77×
Coins/share growth—
Inputs and sources
| Item | Value | As of | Source |
|---|---|---|---|
| BTC price | $76,000.01 | 2026-11-07 16:18 KST | Binance |
| Stock price | 2.00 USD | 2026-11-07 06:00 KST | Yahoo Finance |
| Coins held | 1,018 | 2026-10-23 | 8-K |
| Shares outstanding | 28,041,269 | 2026-10-23 | 8-K |
| Cash & USD assets | $70,000,000 | 2026-10-23 | 8-K |
| Debt (face) | $35,000,000 | 2026-10-23 | 8-K |
| Preferred (liquidation pref.) | $0 | 2026-09-30 | xbrl |
XBRL quarterly values
| Item | XBRL | As of | Tag |
|---|---|---|---|
| Cash & USD assets | $78,052,383 | 2026-09-30 | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Debt (face) | $34,510 | 2025-12-31 | us-gaap:LongTermDebt |
| Shares outstanding | 27,749,492 | 2026-11-05 | dei:EntityCommonStockSharesOutstanding |
Calculation
- Coin value
- 1,018 × $76,000.01 = $77.4M
- Market cap
- 28,041,269 sh × $2.00 = $56.1M
- mNAV
- $56.1M ÷ $77.4M = 0.72×
- EV mNAV
- ($56.1M + debt $35.0M + preferred $0 − cash $70.0M) ÷ $77.4M = 0.27×
- Coins / 1,000 shares
- 0.0363 BTC
- 1.0× price
- $2.76
- Implied BTC price
- $55,090.90
- Debt/NAV
- 45%
Calculator
Stock at current mNAV (0.72×)—
Stock at 1.0×—
mNAV—
Implied BTC price—
mNAV history
Holdings history as reported
| As of | Holdings | Change | Shares | Source |
|---|---|---|---|---|
| 2026-10-23 | 1,018 | 28,041,269 | 8-K |
Recent 8-Ks
- 2026-11-02 7.01 Reg FD · 8.01 Other events EX-99.1
- 2026-10-26 7.01 Reg FD · 8.01 Other events EX-99.1
- 2026-10-15 7.01 Reg FD EX-99.1
- 2026-07-23 7.01 Reg FD · 8.01 Other events EX-99.1
- 2026-07-06 1.01 Material agreement · 1.02 Agreement terminated · 3.03 Security rights · 5.03 Charter/bylaws · 7.01 Reg FD EX-99.1