Live data · updated 2026-06-10
MSTR mNAV today: 0.72x
Strategy (MSTR) is trading at 0.72x simple mNAV — a 28% discount to the market value of its Bitcoin. Numbers update automatically on every site deploy.
Prices as of 2026-06-10 13:41 UTC · MSTR holdings 845,256 BTC · 315.4M diluted shares.
The inputs behind today's number
| MSTR market cap | $37.7B ($119.46 × 315.4M shares) |
| Bitcoin NAV | $52.4B (845,256 BTC × $62,038) |
| Convertible debt | ~$8.2B |
| Preferred equity | ~$3B (STRF + STRK + STRC + STRD) |
| BTC per share | 0.00268 BTC (268,003 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 (0.93x vs 0.72x 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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Auto-generated from live market data on each deploy. Educational information only — not investment advice.