mNAV, explained: how a Bitcoin-treasury company trades at a premium or discount to its coins.
A treasury company has two prices: its coins and its shares. mNAV is the ratio — easy to observe, easy to over-read.
Explainer · reviewed 10 July 2026 · updated 18 July 2026 · by Jukka Blomberg, ex-CMO of two crypto exchanges
What mNAV is
mNAV = equity market cap ÷ (BTC held × BTC price)Shares worth $10B against $10B of Bitcoin: 1.00×. $12B against the same coins: 1.20×, a premium. $8B: 0.80×, a discount. One relationship the market re-prices daily, compressing other assets, debt, the operating business and expected issuance into a single ratio.
Why it moves off 1.00×
- A premium can reflect the issuance machine. Above 1× a company can sell shares at the premium and buy more Bitcoin per share than it gives up — a mechanism, not a verdict on durability.
- A discount can reflect debt, dilution or an operating business. Convertibles, preferred dividends, tax on unrealised gains or a mining segment valued separately all pull equity below raw coin value. The ratio does not say which.
- It is a sentiment gauge as much as an accounting one. The same balance sheet carries a premium when appetite for leveraged Bitcoin exposure is high and a discount when it cools.
The observed range — and why trackers disagree
Over the trailing year, mnav.com has shown Strategy’s mNAV across roughly 0.99× to 1.80×, with a recent reading around 1.11× (as of ~9 July 2026). A range that has spanned both sides of 1×, not a target.
The same company reads differently across sites on the same day because mNAV has no standard definition: basic vs fully diluted shares, treatment of convertibles and preferred, BTC price timestamp, FX for non-USD listings. CoinBucha’s 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, in the same window a diluted-basis tracker showed a slight premium. Never compare two mNAV figures without checking each one’s as-of date and share-count basis.
The cohort, as CoinBucha reads it
Three names on one consistent methodology, as of 9 July 2026 (BTC counts live from CoinGecko, shares outstanding from 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, 9 July 2026. The live cohort table carries current numbers, sources and as-of dates.
The spread is the point: a miner-plus-treasury name carried a large premium while the two pure-accumulation names sat at discounts. mNAV bundles the operating business in with the coins, and “a Bitcoin-treasury stock” is not one trade.
The Strategy footnote
Strategy anchors the cohort at roughly 843,775 BTC. 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. Context for reading the ratio: a company distributing coins is in a different posture from one only accumulating them.
Update — Metaplanet mNAV below 1× (18 July 2026)
As of 18 July 2026, Protos (citing TradingView) describes Metaplanet’s mNAV having fallen below 1× — consistent with the 0.700× discount CoinBucha’s cohort read on 9 July 2026 on a different methodology. Two facts at once: the issuance premium has, on these inputs, disappeared for now; and the same reporting notes Metaplanet has continued adding Bitcoin. A compressing ratio and a rising coin count are not contradictory.
How to read it without over-reading it
mNAV says where the equity sits relative to its coins now and whether the gap is widening or narrowing. It does not say a discount will close or a premium will hold. The useful question is falsifiable: is a name’s ratio drifting toward or away from 1×, and does that line up with issuance, debt or a change in what the company does with its coins? Watch direction over weeks, not one day’s decimal.
Common questions
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.
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.
- Metaplanet mNAV below 1× while continuing to accumulate Bitcoin — Protos (citing TradingView), as of 18 July 2026.
mNAV has no standard definition; figures are point-in-time and differ between trackers. Cohort method: methodology.