mNAV — “multiple of net asset value” — is a ratio: market capitalisation ÷ the dollar value of the bitcoin a company holds. At 1× the market values the company at exactly its bitcoin. Above 1×, at more; below 1×, at less.

How it is computed here

Market capitalisation is the share close × the filed share count (converted to dollars where the share trades in another currency). The bitcoin value is the filed holding × the BTC/USD close CoinBucha records, $81,074 on 2026-10-23. Both halves are on each company page, with their dates, under “Key facts”.

The same fact, two ways

mNAV is the inverse of a number reader-friendlier for a shareholder: bitcoin as a percentage of market capitalisation. An mNAV of 2× means bitcoin is 50 % of the market value; 0.5× means 200 %. Strategy: mNAV 0.78×, bitcoin 128.0% of market cap, 0.00221 BTC per share. Metaplanet: mNAV 0.59×, bitcoin 170.3% of market cap.

For a company whose bitcoin is a side holding the ratio gets very large, and stops telling a stock investor much: Tesla reads mNAV 1657.65×. The direct answer there is bitcoin per share — 0.00000291 BTC, about $0.24 in a $391.62 share — which is why CoinBucha's company pages lead with bitcoin per share and keep mNAV below it.

Why trackers disagree

The inputs are not standardised. Trackers differ on the share count (basic or fully diluted, how convertible debt counts), the bitcoin price and its timestamp, whether debt and preferred stock are subtracted, and the currency conversion. The same company can read above 1× on one site and below it on another on the same day. Compare figures only with their dates and their share-count basis.

Stated, not judged

A ratio above or below 1 is a measurement, not a valuation call: it says nothing about whether shares should be bought, held or sold, and nothing about the company's debts, business or plans. Information, not financial advice.