What is MSTR's mNAV history?

Strategy's simple mNAV has ranged from 0.64x to 3.96x between 2024-10-21 and 2026-10-19, averaging 1.51x. The latest reading is 0.89x.

Where can I download MSTR mNAV data?

A free CSV of 500 daily observations is available at btcexposure.com/data/mstr-mnav-history.csv, covering 2024-10-21 to 2026-10-19 with the MSTR close, BTC close, BTC holdings and diluted share count for each row.

What was MSTR's highest mNAV?

The highest simple mNAV in this dataset is 3.96x on 2024-11-20; the lowest is 0.64x on 2026-06-26.

Original dataset · 500 daily rows

MSTR mNAV history: 2024-10-21 to 2026-10-19

Name: MSTR simple mNAV daily history
Creator: BTC Exposure
License: https://creativecommons.org/licenses/by/4.0/

A daily record of Strategy's simple mNAV — market capitalisation divided by the market value of the Bitcoin on its balance sheet — rebuilt from primary price data and filed share counts. Free to download and reuse with attribution.

Summary

500 daily observations covering 2024-10-21 to 2026-10-19.
mNAV has ranged from 0.64x (2026-06-26) to 3.96x (2024-11-20), averaging 1.51x.
The latest reading is 0.89x — a discount to its Bitcoin, and lower than 87% of the period.
Each row pairs the MSTR close with Bitcoin's price at that same 4pm ET close, Strategy's BTC holdings per its latest 8-K disclosure, and a diluted share count from its quarterly filings and weekly purchase reports (estimated between them, and labelled as such).
Download the full CSV — eight columns, no registration.

Latest mNAV

0.89x

2026-10-19

Period average

1.51x

2024-10-21 → 2026-10-19

Period high

3.96x

2024-11-20

Period low

0.64x

2026-06-26

Observations

500

daily rows

Percentile today

13th

of the period's readings

Rebuilt from live price history on this deploy. Latest close 2026-10-19.

Download

mstr-mnav-history.csv

500 rows · 2024-10-21 → 2026-10-19 · CC BY 4.0 with attribution to btcexposure.com

Download CSV

Monthly summary

Monthly average, minimum and maximum MSTR simple mNAV
Month	Average	Low	High	Days
Oct 2026	0.98x	0.89x	1.02x	13
Sep 2026	0.95x	0.85x	1.04x	21
Aug 2026	0.79x	0.74x	0.91x	21
Jul 2026	0.73x	0.70x	0.78x	22
Jun 2026	0.83x	0.64x	0.95x	21
May 2026	1.02x	0.94x	1.12x	20
Apr 2026	0.96x	0.87x	1.06x	21
Mar 2026	0.98x	0.91x	1.03x	22
Feb 2026	0.97x	0.86x	1.01x	19
Jan 2026	0.92x	0.87x	0.95x	20
Dec 2025	0.97x	0.89x	1.03x	22
Nov 2025	1.09x	0.98x	1.24x	19
Oct 2025	1.33x	1.19x	1.46x	23
Sep 2025	1.45x	1.38x	1.54x	21
Aug 2025	1.60x	1.50x	1.72x	21
Jul 2025	1.89x	1.75x	2.00x	22
Jun 2025	1.92x	1.86x	1.97x	20
May 2025	2.09x	1.83x	2.27x	21
Apr 2025	2.06x	1.76x	2.23x	21
Mar 2025	2.02x	1.72x	2.27x	21
Feb 2025	1.99x	1.67x	2.17x	19
Jan 2025	2.17x	1.94x	2.39x	20
Dec 2024	2.39x	1.95x	2.73x	21
Nov 2024	3.32x	2.65x	3.96x	20
Oct 2024	3.37x	3.15x	3.63x	9

How each row is calculated

simple mNAV(d) = (MSTR close(d) × diluted shares(d)) ÷ (BTC holdings(d) × BTC close(d))

e.g. 2026-10-19: ($136.02 × 451,933,878) ÷ (848,517 × $81,787) = 0.89x

MSTR close — daily adjusted close from Yahoo Finance.
BTC close — Bitcoin's price at the same 4pm ET instant as the MSTR close (Yahoo Finance hourly BTC-USD), falling back to Bitcoin's UTC daily close (Blockchain.com) where no hourly bar exists.
BTC holdings — the aggregate holding in Strategy's most recent 8-K disclosure on or before each day, held flat until the next one (column holdings_source).
Diluted shares — Strategy's Assumed Diluted Shares Outstanding: quarter-end figures from its 10-Q and 10-K filings (filing) and the weekly figures in its purchases ledger (tracker); days between them are linearly interpolated and marked estimated in shares_source.

Limitations you should know about

Share counts between reports are estimates. Strategy issues shares continuously but reports its diluted share count weekly at best, so between reports this series draws a straight line. Rows marked estimated can differ from the true count.
This is simple mNAV only. It excludes convertible debt and preferred equity. Full/enterprise-value mNAV is higher — see the current reading for both.
Trading days only. Bitcoin trades continuously but MSTR does not, so weekends and market holidays are absent.
Readings outside 0–10x are dropped as bad upstream data rather than being carried into the series.

Reuse and citation

This dataset is free to reuse, including commercially, with attribution to btcexposure.com. Suggested citation:

BTC Exposure. “MSTR mNAV history (2024-10-21–2026-10-19).” btcexposure.com/data/mstr-mnav-history. Accessed 2026-10-20.

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Educational information only — not investment advice.

Sources & provenance

Published 2026-08-08 · last substantive update 2026-10-20. Dates advance only when the underlying figures change, not on every deploy. Written and maintained by the BTC Exposure editorial team. Corrections: use the Feedback form on the dashboard.

Full formulas, update cadence, and known limitations: methodology & data sources.