GlossarymNAV
mNAV
The ratio of enterprise value to the value of the coins the company holds, for every candle, the way Strategy reports it. An mNAV of 1 means the market values the company, including its debt and preferred stock, at exactly the value of its coins. Above 1 it pays a premium, for example for future purchases or the rest of the business; below 1, a discount.
How to read it
- High mNAV: New shares bring the company more dollars than the coins per share are worth. This lets it add coins per share.
- mNAV below 1: The market gives the holdings less credit than they are worth; new shares would dilute the holdings per share.
- If the coins' price rises faster than the stock, the mNAV falls, and vice versa.
Good to know
- For companies in the “Bitcoin & Mining” group whose coins make up a significant part of their market cap. For companies where the coins are only a small item (such as Tesla), the entry appears in the menu with the reason. If they were a small item earlier, for example shortly after a small first purchase, the line pauses during that time.
- The mNAV starts with the first purchase and the first known share count.
- Debt, preferred stock and liquid assets change with each balance sheet; in between, the last reported figure applies. The ongoing burden from this is shown by Interest burden, the liquid assets by Liquid assets.