mNAV MoamNAV0.30×
EV mNAV†0.73×
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 | 5.67 USD | 2026-11-07 06:00 KST | Yahoo Finance |
| Coins held | 4,467 | 2026-06-30 | 10-Q |
| Shares outstanding | 17,894,943 | 2026-08-10 | 10-Q |
| Cash & USD assets | $19,072,000 | 2026-06-30 | 10-Q |
| Debt (face) | $164,700,000 | 2026-06-30 | 10-Q |
| Preferred (liquidation pref.) | none | — | — |
Calculation
- Coin value
- 4,467 × $76,000.01 = $339.5M
- Market cap
- 17,894,943 sh × $5.67 = $101.5M
- mNAV
- $101.5M ÷ $339.5M = 0.30×
- EV mNAV
- ($101.5M + debt $164.7M + preferred 0 − cash $19.1M) ÷ $339.5M = 0.73×
- Coins / 1,000 shares
- 0.2496 BTC
- 1.0× price
- $18.97
- Implied BTC price
- $22,714.20
- Avg purchase price
- $118,249 2026-06-30 · 10-Q
- vs. cost
- -35.7% −$188.7M
- Debt/NAV
- 49%
Calculator
Stock at current mNAV (0.30×)—
Stock at 1.0×—
mNAV—
Implied BTC price—
mNAV history
Holdings history as reported
| As of | Holdings | Change | Shares | Source |
|---|---|---|---|---|
| 2026-06-30 | 4,467 | 10-Q |
Recent 8-Ks
- 2026-08-14 2.02 Results EX-99.1