mNAV Premium

What it measures

How many dollars the market pays for each dollar of a bitcoin-treasury company's underlying net asset value (BTC holdings minus debt), per share.

Formula

mNAV Premium = Share Price / ((BTC Holdings x BTC Price - Long-Term Debt) / Shares Outstanding)

Normal range

Above 1.0x means the market pays a premium to the company's own bitcoin-backed NAV; below 1.0x means a discount. Both have occurred for extended periods historically.

How it fails

This project only computes a true debt-subtracted mNAV for MSTR (the one name with parsed SEC debt data) - the wider sector table's "Market Cap / Crypto Holdings" ratio is a simpler approximation for other companies, not full parity with this figure.

Related metrics

MVRV

Bull read

A discount to NAV means the equity can be bought for less than the bitcoin backing it directly implies.

Bear read

A discount can persist or widen for a long time - it reflects the market pricing in real factors (dilution risk, debt service, execution risk) that a pure NAV comparison doesn't capture.