mNAV MoaGuide › Above 1× expensive, below 1× cheap?
Above 1× expensive, below 1× cheap?
Last updated 2026-11-07
An mNAV above 1× is called a premium, below 1× a discount. But "avoid above, buy below" is only half true. Without asking why the number is what it is, it is easy to get the call backwards.
When a premium is "earned"
Treasury companies sell new shares when the stock is worth more than its coins and buy coins with the proceeds. If a company at 2× sells one share backed by 1 coin for the price of 2, it can buy 2 coins. Existing shareholders end up with more coins per share. That is coins-per-share growth, which companies publish under names such as "BTC Yield".
So a premium is really a price on "how fast can this company grow coins per share". With a high growth rate the premium is caught up in a few years. This site shows that number as breakeven in the calculation table on each company page — the years it takes for the premium to vanish at the current pace.
If coins per share are shrinking while a premium persists, that premium stands on expectation alone. Strategy's (MSTR) coins-per-share growth this year is -6.7% (basic shares — it can differ from the diluted figure the company reports).
When a discount is not "cheap"
- Looks cheap because of debt: simple mNAV ignores debt. A company whose debt is half its coin value can show a simple mNAV of 0.6× while its debt-inclusive mNAV is near 1×. Metaplanet (3350.T) currently reads simple 0.58× / headline 0.83×. This is why the tables here use the headline figure.
- No way to return the coins: if the company has no plan to sell coins and distribute cash, the discount can simply persist. Some companies have in fact sold their coins and changed business.
- Costs and trust: running a company costs money every year, and if the market doubts management or the auditor, the discount widens. The same reason this site excludes companies whose reported holdings are many times their market cap but cannot be verified through a custodian.
- Trading halts and delisting risk: a halted stock cannot be bought at any number.
The picture right now
Of the 53 companies on this site, 29 are below 1× and the median is 0.79×. In mid-2025 most were above 1×, but as similar companies multiplied and coin prices corrected, premiums shrank. The median by coin over time is on the Trend page.
What to read alongside the number
| Headline mNAV | with debt, preferred and cash | the basis for comparing companies |
| Debt/NAV | (debt + preferred) ÷ coin value | can the company carry its debt if coins fall 30%? |
| Coins/share growth | change in coins per share | is the premium earned? |
| Holdings date | date of the last filing | old figures may not match reality (shown in orange) |
| Net buys | purchases over 7 and 30 days | still buying? — By coin page |
In short, mNAV is not the answer to "cheap or expensive" but the number that starts the question. Why it is what it is can be checked on each company page, in the calculation ladder and the inputs table with sources.
Not investment advice · numbers in this article are live