What Is mNAV?
mNAV tells you how the market prices a Bitcoin treasury company relative to a defined measure of its Bitcoin value. It is a valuation multiple, not a measure of how much Bitcoin each share owns.
Price the Bitcoin exposure.
BTC/share tells you how much Bitcoin sits behind a share. mNAV tells you what the market is charging for that exposure.
What is mNAV?
mNAV is commonly shorthand for a multiple to net asset value. In Bitcoin treasury analysis, however, the formula varies: some versions use gross Bitcoin value, while others subtract senior claims or use enterprise value. The label alone does not tell you what is included.
BTC/share asks how much Bitcoin the company holds per share. mNAV asks what the market is charging for that exposure. A company can increase Bitcoin per share while its stock becomes more expensive relative to its Bitcoin holdings.
On BTCperShare, the default label is mNAV (mkt cap): common equity market capitalization divided by the gross market value of Bitcoin held.
A simple mNAV example
Imagine a company holds 10,000 BTC and has 100 million basic shares outstanding. Bitcoin trades at $100,000 and the stock trades at $15.
| Calculation | Result |
|---|---|
| Bitcoin value: 10,000 × $100,000 | $1 billion |
| Equity market cap: 100 million × $15 | $1.5 billion |
| Gross mNAV: $1.5 billion ÷ $1 billion | 1.5× |
The market assigns $1.50 of common equity value for every $1 of Bitcoin on the balance sheet. That comparison is before adjustments for debt, preferred stock, cash, or operating assets.
A multiple above 1× is a premium to this gross Bitcoin value; below 1× is a discount. Neither tells you, by itself, whether the stock is attractively valued.
The BTCperShare default: gross market-cap mNAV
This is the homepage measure for Strategy (MSTR), Strive (ASST), and Twenty One (XXI). It uses basic shares in the market-cap numerator. A diluted BTC/share denominator answers a different question and should not be silently substituted into this formula.
The gross measure makes a simple comparison possible, but it does not deduct claims ahead of common shareholders. A company trading below the gross value of its Bitcoin can still trade above its net Bitcoin value after senior claims.
Same BTC/share, different price
Two companies can report similar sats/share and trade at very different multiples. One may have little debt and a modest valuation; another may carry substantial preferred obligations and trade at a premium because investors expect future Bitcoin-per-share growth.
High BTC/share does not automatically mean a cheap stock. At 2× gross mNAV, common equity is valued at twice the gross market value of the Bitcoin held. That is a premium to underlying Bitcoin value, but common stock also carries financing risks, senior claims, and exposure to other business activities.
| Metric | Measures | Question |
|---|---|---|
| BTC/share | Exposure level | How much Bitcoin per share? |
| BTC Yield | Change in BTC/share | How fast is BTC/share changing? |
| mNAV | Valuation multiple | What am I paying for that exposure? |
BTC/share can rise while mNAV is high. It can also fall while mNAV is low. Read the exposure and valuation measures together.
For the denominator mechanics, see What Is Bitcoin Per Share? →
Strategy: gross and net mNAV
Strategy changed its mNAV definition on July 23, 2026. It now divides the common share price by Net Bitcoin Per Share in dollars; its earlier mNAV series is not directly comparable with the new one.
BTCperShare shows two labeled readings for MSTR: mNAV (mkt cap) for gross Bitcoin value, and mNAV (Strategy) for its simplified net calculation.
Our net calculation subtracts debt and preferred notional amounts from Bitcoin value, adds USD Reserve and USD Cash, and divides by the filing-based Fully Diluted Shares Outstanding (FDSO). That count differs from Assumed Diluted Shares Outstanding (ADSO), used for Strategy BTC/share.
Our version treats debt and preferred instruments as out of the money and deducts their full notionals. Strategy's official methodology instead treats certain in-the-money instruments as converted. The BTCperShare chip therefore follows the net framework but is not an exact replica of Strategy's dashboard.
In a worst-case scenario, debt and preferred claims could exceed the value of Bitcoin and cash, making net mNAV negative and no longer meaningful as a conventional valuation multiple.
One company, two multiples
The following worked example uses the draft's September 11, 2026 inputs, approximately 19:47–20:12 UTC. These are illustrative snapshot inputs, not current quotes or independently verified historical market data.
| MSTR input or result | Value |
|---|---|
| Bitcoin held | 845,050 BTC |
| Basic shares | 420,483,000 |
| Stock price | $131.21 |
| Bitcoin price | $77,245 |
| Gross mNAV (mkt cap) | Approximately 0.85× |
| FDSO for the net calculation | 424,479,000 |
| Net Bitcoin value per share, supplied | $118.91 |
| Simplified net mNAV | Approximately 1.10× |
The gross calculation is ($131.21 × 420,483,000) ÷ (845,050 × $77,245), or about 0.85×. The net calculation is $131.21 ÷ $118.91, or about 1.10×.
The same stock can trade below gross Bitcoin value and above net Bitcoin value at the same time. Label the formula before you argue about the multiple.
Strive: EV/TAV and Multiple to NTAV
The Strive valuation cards use different labels: EV/TAV and Multiple to NTAV. BTCperShare's homepage still displays the separate gross mNAV (mkt cap) measure for ASST.
Treasury Asset Value (TAV) includes Bitcoin at spot, cash, and the fair value of STRC holdings. Net Treasury Asset Value (NTAV) subtracts debt and preferred claims. These Strive cards use Assumed Fully Diluted Shares (AFDS) for the equity valuation input.
| Strive measure | BTCperShare formula |
|---|---|
| TAV | BTC value + cash + STRC fair value |
| NTAV | TAV − debt − SATA preferred notional |
| Equity value for these cards | ASST price × AFDS |
| Enterprise value (EV) | Equity value + debt + preferred − cash − STRC fair value |
| EV/TAV | Enterprise value ÷ TAV |
| Multiple to NTAV | (ASST price × AFDS) ÷ NTAV |
Using the draft's same illustrative window, $27.50 per ASST share and $77,245 per BTC produce approximately 1.38× gross mNAV with 24,531 BTC and 94,934,558 basic/effective common shares. The broader AFDS count is 98,148,551.
With approximately $2.15 billion of TAV and $1.15 billion of NTAV, the corresponding Strive readings are roughly 1.61× EV/TAV and 2.35× Multiple to NTAV. Rounding affects the final decimal. These measures differ because both the capital structure and the share-count assumptions differ.
SATA preferred stock does not enter this common-share denominator, but its notional reduces NTAV. Preferred financing can increase gross BTC/share without increasing net value by the same amount.
What preferred financing changes
A non-convertible preferred raise can finance Bitcoin purchases without immediately adding common shares. That can raise gross BTC/share while creating dividend obligations and claims ahead of common equity.
After a preferred raise, ask both whether BTC/share increased and what happened to net value and the size of the senior claims. For Strive, BTCperShare's amplification measure is (debt + SATA notional) ÷ gross Bitcoin value. Amplification definitions also vary by issuer; this is not Strategy's current amplification formula.
Our preferred-stock financing guide explains the funding mechanics. Here, the focus is the multiple common shareholders pay after considering those obligations.
When a premium or discount matters
For a company issuing common stock to buy Bitcoin, a premium can make issuance accretive to BTC/share. For a new investor buying that stock, the premium is part of the purchase price and can shrink even if the company continues accumulating Bitcoin.
For gross BTC/share, the simplified issuance test is whether net proceeds deployed into Bitcoin per new share exceed the existing gross Bitcoin value per share, using a consistent denominator and assuming an unchanged Bitcoin price. Fees, proceeds retained as cash, and changes in diluted shares can affect the result.
Net Bitcoin-per-share accretion has its own test against net value per share. A premium to net value is not automatically a premium to gross Bitcoin value: a transaction can improve one measure without improving the other.
At a gross discount, Bitcoin-funded common-share repurchases can increase gross BTC/share if the share count falls proportionally faster than Bitcoin holdings, after costs. That arithmetic does not establish whether a repurchase is feasible or desirable given the company's obligations.
A discount may also reflect debt, preferred claims, operating risks, or doubts about future financing. A low multiple alone is not proof of a bargain.
Questions to ask after a capital raise
Frequently asked questions
Is mNAV enterprise value divided by Bitcoin?
Some providers use an enterprise-value construction. BTCperShare's default mNAV (mkt cap) uses common equity market capitalization divided by gross Bitcoin value. Always check the formula.
Does higher mNAV mean BTC/share increased?
No. A higher stock price alone can increase mNAV. BTC/share measures holdings relative to shares; mNAV measures valuation relative to the specified asset-value definition.
Do preferreds affect every version of mNAV?
Gross market-cap mNAV does not separately deduct preferred claims. Net constructions do. Issuing preferred stock can also change Bitcoin holdings and market pricing, which can move the gross multiple indirectly.
Does owning common stock give me the displayed Bitcoin?
No. These are analytical ratios. Common shares do not give investors a direct redemption right to the corresponding Bitcoin held by the company.
Methodology and sources
BTCperShare combines disclosed holdings and capital-structure data with equity prices and Bitcoin spot. Prices can move continuously; disclosed holdings and share counts update when new company information is incorporated. The worked examples above are fixed illustrations using supplied inputs, not a live market feed.
The default formula uses basic shares and gross Bitcoin value. The MSTR net implementation uses Net Reserve = BTC × spot − debt notional − preferred notional + USD Reserve + USD Cash, divided by filing FDSO. Its implementation setting is assume_otm; FDSO comes from fdsoBase and is not the ADSO used for BTC/share.
Strive's cards use AFDS, include cash and STRC fair value in TAV, and subtract debt and SATA notional in NTAV. SATA notional uses $100 par. These are defined analytical measures, not comprehensive estimates of liquidation proceeds or GAAP net asset value.
Related reading: What Is Bitcoin Per Share? · How Preferred Stock Can Finance Bitcoin Purchases. This guide is educational and is not financial advice.