What is mNAV in crypto?

mNAV is a ratio used to compare a crypto treasury company's market value with the value of the crypto on its balance sheet. A reading above 1 means investors value the company at more than its coins are worth, and below 1 means less. Our guide to crypto treasury companies explains the business model behind it, while this guide focuses on the arithmetic.

What is mNAV in crypto and how is it calculated?

The common version, used by the tracker BitcoinTreasuries.NET, takes two steps.

1. Work out bitcoin NAV. Multiply the number of bitcoin held by the current bitcoin price.
2. Work out enterprise value. Take the market value of all common shares, add total debt and the notional value of preferred stock, then subtract cash.

mNAV is enterprise value divided by bitcoin NAV. As a made-up example, a company holding crypto worth $1 billion with an enterprise value of $1.5 billion has an mNAV of 1.5.

A simpler version divides plain market capitalization by the value of the holdings and ignores debt and cash. Protos notes that the two can give different readings for the same company, with the enterprise value version sometimes the more flattering, so it matters which one a chart or headline uses. Bitcoin Magazine's glossary uses the term differently again, for a per-share figure of bitcoin plus cash minus debt. Always check the definition behind a number.

What is MSTR mNAV?

MSTR is the ticker of Strategy, formerly MicroStrategy. In an August 2025 exhibit filed with the SEC, Strategy described mNAV as enterprise value divided by bitcoin NAV and linked its plans for selling new shares to mNAV ranges.

Its notes page shows the definition changed on July 23, 2026. Strategy now calculates mNAV per share. The top of the ratio is the price of one class A share. The bottom is net bitcoin per share: the dollar value of its bitcoin, after subtracting out-of-the-money convertible notes and perpetual preferred stock and adding its dollar reserves, divided by fully diluted shares. Strategy states that the NAV in mNAV is not net asset value in the traditional accounting sense.

Why does mNAV matter for a bitcoin treasury company?

The ratio shapes whether raising money adds to or eats into each shareholder's slice of bitcoin. Bitcoin Magazine explains that when shares trade at a premium, issuing new stock to buy coins can increase bitcoin per share for existing holders. At a discount, the same move dilutes them. Strategy's 2025 filing also said it would consider issuing credit to buy back its stock if mNAV fell below 1.

BitcoinTreasuries.NET calls mNAV a high-level indicator, not a replacement for audited financial statements. It moves with both the share price and the crypto price, so any figure is a snapshot of a particular moment. Rules and definitions change, so check the company's latest filings, and read why crypto is so volatile for what drives the underlying swings.