What is MSTR's mNAV history?

Strategy's simple mNAV has ranged from 0.69x to 2.96x between 2024-09-04 and 2026-09-04, averaging 1.38x. The latest reading is 0.93x.

Where can I download MSTR mNAV data?

A free CSV of 503 daily observations is available at btcexposure.com/data/mstr-mnav-history.csv, covering 2024-09-04 to 2026-09-04 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 2.96x on 2024-11-20; the lowest is 0.69x on 2026-02-05.

Original dataset · 503 daily rows

MSTR mNAV history: 2024-09-04 to 2026-09-04

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

503 daily observations covering 2024-09-04 to 2026-09-04.
mNAV has ranged from 0.69x (2026-02-05) to 2.96x (2024-11-20), averaging 1.38x.
The latest reading is 0.93x — a discount to its Bitcoin, and lower than 74% of the period.
Each row pairs the MSTR close and BTC close with the BTC holdings and diluted share count interpolated between quarterly filings.
Download the full CSV — six columns, no registration.

Latest mNAV

0.93x

2026-09-04

Period average

1.38x

2024-09-04 → 2026-09-04

Period high

2.96x

2024-11-20

Period low

0.69x

2026-02-05

Observations

503

daily rows

Percentile today

26th

of the period's readings

Rebuilt from live price history on this deploy. Latest close 2026-09-04.

Download

mstr-mnav-history.csv

503 rows · 2024-09-04 → 2026-09-04 · 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
Sep 2026	0.90x	0.85x	1.00x	4
Aug 2026	0.82x	0.76x	0.92x	21
Jul 2026	0.78x	0.74x	0.87x	22
Jun 2026	0.91x	0.71x	1.03x	21
May 2026	1.11x	1.03x	1.19x	20
Apr 2026	0.99x	0.86x	1.16x	21
Mar 2026	0.95x	0.89x	1.02x	22
Feb 2026	0.89x	0.69x	1.01x	19
Jan 2026	0.82x	0.75x	0.87x	20
Dec 2025	0.86x	0.78x	0.95x	22
Nov 2025	0.97x	0.88x	1.14x	19
Oct 2025	1.20x	1.04x	1.34x	23
Sep 2025	1.32x	1.20x	1.43x	21
Aug 2025	1.46x	1.33x	1.61x	21
Jul 2025	1.68x	1.54x	1.80x	22
Jun 2025	1.69x	1.64x	1.74x	20
May 2025	1.82x	1.56x	2.03x	21
Apr 2025	1.77x	1.44x	1.92x	21
Mar 2025	1.66x	1.29x	1.88x	21
Feb 2025	1.59x	1.33x	1.74x	19
Jan 2025	1.72x	1.56x	1.95x	20
Dec 2024	1.95x	1.54x	2.30x	21
Nov 2024	2.33x	2.02x	2.96x	20
Oct 2024	2.17x	1.94x	2.50x	23
Sep 2024	1.77x	1.55x	2.06x	19

How each row is calculated

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

e.g. 2026-09-04: ($141.82 × 450,090,000) ÷ (845,050 × $81,273) = 0.93x

MSTR close — daily adjusted close from Yahoo Finance.
BTC close — daily market price from Blockchain.com's market-price chart.
BTC holdings and diluted shares — anchored to quarter-end figures from Strategy's filings and linearly interpolated between them.

Limitations you should know about

Interpolation is an approximation. Strategy buys Bitcoin and issues shares in discrete lumps, usually announced by 8-K. Between quarter-end checkpoints this series draws a straight line, so mid-quarter values can differ from what a filing-exact reconstruction would show.
This is simple mNAV only. It excludes convertible debt and preferred equity. Full/enterprise-value mNAV is higher — see today's 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 (2024-09-04–2026-09-04).” btcexposure.com/data/mstr-mnav-history. Accessed 2026-09-04.

Get the weekly read in your inbox.

Weekly mNAV readings, treasury-company moves, and Bitcoin-exposure analysis. Free.

Subscribe to BTC Exposure

Educational information only — not investment advice.

Sources & provenance

Published 2026-08-08 · last substantive update 2026-09-04. 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.