Live data · updated 2026-07-20
MSTR mNAV today: 0.71x
Strategy (MSTR) is trading at 0.71x simple mNAV — a 29% discount to the market value of its Bitcoin. Numbers update automatically on every site deploy.
Prices as of 2026-07-20 12:58 UTC · MSTR holdings 843,775 BTC · 408.8M diluted shares.
The inputs behind today's number
| MSTR market cap | $38.8B ($94.85 × 408.8M shares) |
| Bitcoin NAV | $54.5B (843,775 BTC × $64,580) |
| Convertible debt | ~$6.8B |
| Preferred equity | ~$15.5B (STRF + STRK + STRC + STRD) |
| BTC per share | 0.00206 BTC (206,388 sats) |
Simple vs full mNAV
Simple mNAV divides MSTR's equity market cap by the value of its Bitcoin. Full mNAV uses enterprise value — adding convertible debt and preferred equity (less cash) to the numerator — which is the more honest measure of what the market pays per dollar of Bitcoin. Full mNAV is always higher; the gap (1.06x vs 0.71x today) is the leverage in the capital structure. Deep dive: what is mNAV?
How to read today's level
- Above 1.0x: the market pays a premium for Strategy's leverage and accumulation flywheel — and ATM issuance is accretive.
- Near 1.0x: you're paying roughly spot for the Bitcoin; the flywheel stalls.
- Below 1.0x: historically rare (2-year low ≈ 0.66x); issuance turns dilutive and the bear case gets loud.
Historical 2-year range: ~0.66x to ~2.96x simple mNAV. Where today sits in that range matters more than the absolute number — see MSTR premium to NAV, explained.
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- Calculate your own Bitcoin exposure (free dashboard)
- How to find Bitcoin's implied price from MSTR
- How MSTR's convertible debt affects mNAV
- Bitcoin treasury companies — live table
- Bitcoin price prediction 2026–2029 — quarterly cycle model
Auto-generated from live market data on each deploy. Educational information only — not investment advice.