mNAV MoaGuide › What is mNAV?
What is mNAV?
Last updated 2026-11-07
mNAV tells you how many times the company's total share value is worth the coins it keeps in its vault. At 1.0× the two are equal; above 1 the stock trades at a premium to its coins, below 1 at a discount.
An analogy first
Imagine a company whose only job is to buy and hold bitcoin. Sold at today's price, the coins in its vault would fetch $100 million. But buying every share of the company costs $120 million. You would be paying $120 million for $100 million of coins, so the company's mNAV is 120 ÷ 100 = 1.2×. If all the shares cost $80 million instead, mNAV is 0.8× — like buying the coins at a 20% discount.
NAV stands for net asset value and the m for multiple: a multiple of net asset value.
A real company
Here are the current numbers for Strategy (MSTR), the largest company on this site. (They update together with the rest of the site.)
| Bitcoin held | 848,517 BTC | as disclosed by the company |
| Coin value | $64.47B | holdings × bitcoin price $75,976 |
| Market cap | $54.41B | 421,977,908 shares × $128.93 |
| Simple mNAV | 0.84× | market cap ÷ coin value |
Debt changes the number
One thing is missing above: the money the company borrowed to buy coins. If the vault holds $100 million of coins but the company owes $30 million, shareholders really own only $70 million. So the price of buying the whole company adds its debt (which must be repaid) and subtracts its cash. That total is called enterprise value (EV), and dividing by coin value gives this site's headline mNAV.
| + debt | $6.72B | principal of convertible notes etc. |
| + preferred | $14.11B | claims paid before common shareholders |
| − cash | $5.91B | cash the company holds |
| mNAV (headline) | 1.08× | (market cap + debt + preferred − cash) ÷ coin value |
The more debt a company carries, the lower (cheaper-looking) its simple mNAV and the higher its debt-inclusive mNAV. Comparing companies fairly requires the debt-inclusive version, so every table and big number on this site uses the headline mNAV.
What the 1× line means
- Above 1× (premium): you pay more than buying the coins directly. This happens when the market expects the company to keep growing coins per share.
- Below 1× (discount): you get the coins at a discount — but discounts usually have a reason (debt, costs, trust, trading halts).
Right now 29 of the 53 companies here are below 1× and the median is 0.79×. Why "above is expensive, below is cheap" is not the whole story is the subject of the next guide.
Where to find it
- The mNAV column of the company table — headline mNAV. Hover to see the simple value.
- Each company page (e.g. MSTR) shows a calculation ladder under the title: simple → with debt → company style.
- Exact formulas and sources are on the Method page.
Not investment advice · numbers in this article are live