What does mNAV mean for a Bitcoin-treasury company?

mNAV is a ratio: the company's equity market capitalisation divided by the value of the Bitcoin it holds (BTC count x BTC price). An mNAV above 1x means the shares trade above the value of the underlying coins — a premium; below 1x means they trade below it — a discount. It is an observable number, not a judgement that the stock is cheap or expensive. It says nothing on its own about whether the shares are worth buying, selling, or holding.

Why do different sites report different mNAV numbers for the same company?

Because the inputs are not standardised. Trackers differ on which share count they use (basic vs fully diluted, and how they treat convertible debt and warrants), which BTC price snapshot and timestamp they take, and how they convert non-USD listings to dollars. Those choices move the ratio, which is why the same company can read near a discount on one methodology and near a premium on another in the same window. Always check a tracker's as-of date and its share-count basis before comparing two figures.

Is Strategy (MSTR) selling its Bitcoin?

As of early July 2026, public reporting describes Strategy selling some Bitcoin to meet obligations such as debt service and preferred-dividend payments, rather than only accumulating. Strategy remains by far the largest public corporate holder at around 843,775 BTC. This is a dated, observable fact from public reporting — not a prediction about the company or its share price. Information, not financial advice.

Explainer · reviewed 10 July 2026 · observable ratio

mNAV, explained: how a Bitcoin-treasury company trades at a premium or discount to its coins.

By Jukka Blomberg — ex-CMO of two international crypto exchanges

A public company that holds Bitcoin on its balance sheet has two prices you can watch at once: the value of the coins it owns, and the value the market puts on its shares. mNAV is the ratio between them. It is one of the cleaner observable numbers in this corner of the market — and one of the easiest to over-read. This is what it measures, how to read it, and what it is not.

Information, not financial advice. Nothing here is a recommendation to buy, sell, or hold any share or asset. A premium is not a signal that a stock is expensive and a discount is not a signal that it is cheap — they are descriptions of a ratio, cited with dates and sources so you can check them yourself.

What mNAV actually is

mNAV stands for market-cap-to-net-asset-value, applied narrowly to the Bitcoin on a company’s books. The arithmetic is deliberately simple:

mNAV = equity market cap ÷ (BTC held × BTC price)

If a company’s shares are collectively worth $10B and it holds Bitcoin worth $10B, its mNAV is 1.00× — the equity is priced exactly at the value of the coins. At $12B of market cap against the same $10B of Bitcoin, mNAV is 1.20×: a premium, the shares trade above the coins. At $8B against $10B, it is 0.80×: a discount, the shares trade below them. That is the entire idea. It compresses a lot of moving parts — other assets, debt, the operating business, expectations about future issuance — into one relationship the market re-prices every day.

Why the number moves off 1.00×

A pure Bitcoin holding company with no debt and no operating business would, in theory, sit near 1.00×. Real treasury companies rarely do, and the reasons are structural rather than mystical:

A premium can reflect the issuance machine. A company trading above 1× can sell new shares at that premium and buy more Bitcoin per share than it gives up — so the market sometimes prices in the expectation that the premium itself compounds the coin count. That is a mechanism, not a verdict on whether it is durable.
A discount can reflect debt, dilution, or an operating business. Convertible bonds, preferred dividends, tax on unrealised gains, or a mining/operating segment that the market values separately can all pull the equity below the raw coin value. The ratio does not tell you which of these is doing the work.
It is a sentiment gauge as much as an accounting one. The same balance sheet can carry a premium in an accumulation-hungry market and a discount when appetite for leveraged Bitcoin exposure cools. mNAV records that swing; it does not explain or predict it.

The observed range — and why trackers disagree

Over the trailing year, third-party trackers such as mnav.com have shown Strategy’s mNAV moving across roughly a 0.99× to 1.80× band — from near-parity with its coins to a meaningful premium — with a recent reading around 1.11× (mnav.com, as of ~9 July 2026). Read that as a range that has genuinely spanned both sides of 1×, not as a target.

You will also see the same company quoted at different ratios on different sites on the same day. That is expected. mNAV has no standard definition, so each tracker makes its own choices: basic versus fully diluted share count, how convertible debt and preferred stock are treated, which BTC price timestamp is used, and how a non-USD listing is converted to dollars. CoinBucha’s own treasury-premium cohort computes market cap from maintained, sourced share counts against a live BTC price, and on that methodology read Strategy at roughly 0.628× as of 9 July 2026 — a discount on those inputs, in the same window a diluted-basis tracker showed a slight premium. Neither is “wrong”; they answer slightly different questions. The practical rule: never compare two mNAV figures without checking each one’s as-of date and share-count basis first.

The cohort, as CoinBucha reads it

The live cohort tracks three public BTC-treasury names side by side on one consistent methodology, so the ratios are comparable to each other even where they differ from other trackers. As of 9 July 2026 it read (equity market cap ÷ value of BTC held, BTC counts live from CoinGecko, shares outstanding from maintained sourced constants):

Company	mNAV	BTC held
MARA Holdings MARA	2.388× premium	35,303
Metaplanet 3350.T	0.700× discount	43,000
Strategy MSTR	0.628× discount	843,775

Snapshot as of 9 July 2026, CoinBucha cohort methodology. The live cohort table carries the current numbers, per-name sources, and as-of dates — treat the figures above as the dated snapshot they are, not the current reading.

The spread is the interesting part. On this methodology, on this day, a miner-plus-treasury name carried a large premium while the two pure-accumulation names sat at discounts — a reminder that mNAV bundles the operating business in with the coins, and that “a Bitcoin-treasury stock” is not one trade.

The Strategy footnote worth knowing

Strategy is the anchor of this cohort at roughly 843,775 BTC — the largest public corporate holder by a wide margin. A shift worth recording plainly: as of early July 2026, public reporting describes Strategy selling some Bitcoin to meet obligations (debt service and preferred-dividend payments) rather than only adding to the stack. That is a factual, dated observation about company behaviour, sourced below. It is not a prediction about the shares, the coins, or the premium, and it is not advice — it is context for reading the ratio, because a company that is distributing coins is in a different posture from one that is only accumulating them.

How to read mNAV without over-reading it

The honest use of mNAV is descriptive. It tells you where the equity sits relative to its coins right now, and whether that gap is widening or narrowing over time. It does not tell you that a discount will close, that a premium will hold, or that either is a reason to act. The most useful question it sets up is a falsifiable one: is a given name’s ratio drifting toward or away from 1×, and does that move line up with issuance, debt, or a change in what the company is doing with its coins? Watch the direction over weeks, not the single decimal on any one day — and check the methodology behind every number before you trust the comparison.

See the live cohort

The treasury-premium cohort updates the mNAV, BTC held, market cap, and per-name sources for each company on the free dashboard — the current numbers, not the dated snapshot on this page.

Treasury-premium cohort →Open the dashboard →More signal explainers →

Sources

Treasury-premium cohort (MARA 2.388×, Metaplanet 0.700×, Strategy 0.628×; BTC counts) — CoinBucha corporate-treasury signal, as of 9 July 2026, computed from CoinGecko public-company Bitcoin treasuries and Yahoo Finance / Stooq equity quotes.
Strategy mNAV trailing range ~0.99×–1.80× and recent reading ~1.11× — mnav.com, as of ~9 July 2026.
Strategy holdings ~843,775 BTC; largest public corporate holder — CoinGecko public-company treasuries dataset, as of 9 July 2026.
Strategy selling BTC to meet debt-service and preferred-dividend obligations — public reporting (The Block, CoinDesk), early July 2026.

General information about observable market conditions, not financial, investment, or trading advice, and not a recommendation about any share or asset. mNAV has no standard definition; figures are point-in-time, methodology-dependent, and drawn from public data on the dates noted — they can change and can differ between trackers. Verify current data before relying on it. How CoinBucha computes its cohort: methodology.