What is MSTR's mNAV today?

At prices as of Oct 23, 2026, 8:38 AM PT, MSTR traded at approximately 0.96x simple mNAV (diluted market cap ÷ Bitcoin NAV) and 1.18x full mNAV (enterprise value ÷ Bitcoin NAV). The page is rebuilt with fresh prices on every site deploy.

What Bitcoin price does MSTR imply?

Dividing MSTR's share price by its Bitcoin per share implies a Bitcoin price of about $78,556, versus a spot price of $81,437.

Prices as of Oct 23, 2026, 8:38 AM PT

MSTR mNAV today: 0.96x

Q: What is the difference between simple and full mNAV?

Simple mNAV divides MSTR's equity market cap (on assumed diluted shares) by the value of its Bitcoin. Full mNAV adds convertible debt and preferred equity and subtracts Strategy's USD Reserve and USD Cash, measuring what the market pays per dollar of Bitcoin including leverage.

Strategy (MSTR) is trading at 0.96x simple mNAV — a 4% discount to the market value of its Bitcoin, at prices as of Oct 23, 2026, 8:38 AM PT. The page is rebuilt with fresh prices on every site deploy; the dashboard has live prices.

Summary

Simple mNAV is 0.96x — MSTR's $66.7B market cap on diluted shares divided by the $69.1B of Bitcoin it holds.
Full (enterprise-value) mNAV is 1.18x, which adds convertible debt and preferreds and subtracts Strategy's USD Reserve and USD Cash.
That is a 4% discount to the underlying Bitcoin, versus a range of 0.64x–3.96x since 2024-10-23.
Buying MSTR implies paying $78,556 per Bitcoin, against a $81,437 spot price.
Inputs: 848,517 BTC and 451.9M diluted shares from Strategy's tracker as of 2026-10-19; prices as of Oct 23, 2026, 8:38 AM PT.

Simple mNAV

0.96x

diluted market cap ÷ BTC NAV

Full mNAV (EV)

1.18x

incl. converts + preferreds

Premium to NAV

−3.5%

simple mNAV vs 1.00x

MSTR price

$147.49

Bitcoin price

$81,437

Implied BTC price

$78,556

via MSTR share price

Prices as of Oct 23, 2026, 8:38 AM PT · MSTR holdings 848,517 BTC and 451.9M diluted shares as of 2026-10-19 (Strategy).

The inputs behind this number

Inputs used to calculate MSTR mNAV, with source and observation date
Input	Value	Source
Market cap (diluted shares)	$66.7B ($147.49 × 451.9M assumed diluted shares); on 422.4M basic shares it is $62.3B	Yahoo Finance · Strategy tracker shares
Bitcoin NAV	$69.1B (848,517 BTC × $81,437)	Strategy tracker · CoinGecko
Convertible debt	~$6.7B	Strategy · 10-Q
Cash subtracted	$5.3B (USD Reserve $4,833M + USD Cash $447M)	Strategy · weekly 8-K
Preferred equity	~$13.6B (STRF, STRC, STRE, STRK, STRD)	Strategy
BTC per share	0.00188 BTC (187,752 sats)	derived: BTC ÷ diluted shares

Reproduce this number yourself

Both figures come from the inputs above — no hidden adjustments:

simple mNAV = market cap (diluted shares) ÷ BTC NAV

= $66.7B ÷ $69.1B = 0.96x

full mNAV = (market cap + converts + preferreds − USD Reserve − USD Cash) ÷ BTC NAV

= ($66.7B + $6.7B + $13.6B − $5.3B) ÷ $69.1B = 1.18x

implied $/BTC = MSTR price ÷ BTC per share

= $147.49 ÷ 0.00188 = $78,556

Rounding in the display can shift the last digit; the calculation uses full precision. Share count and capital-structure figures are as last reported by Strategy and only change when a new filing lands — see methodology for staleness caveats.

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 and subtracting Strategy's USD Reserve and USD Cash, as Strategy does in its own enterprise value — which is the more honest measure of what the market pays per dollar of Bitcoin. Full mNAV runs higher than simple mNAV whenever convertible debt and preferred equity together exceed that cash; the gap (1.18x vs 0.96x here) is the leverage in the capital structure. Deep dive: what is mNAV?

How to read the 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: the low since 2024-10-23 is 0.64x (2026-06-26); issuance turns dilutive and the bear case gets loud.

Range since 2024-10-23: 0.64x (2026-06-26) to 3.96x (2024-11-20) simple mNAV, from the daily mNAV dataset. Where the current reading sits in that range matters more than the absolute number — see MSTR premium to NAV, explained.

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Generated from market data fetched at build time (prices as of Oct 23, 2026, 8:38 AM PT). Educational information only — not investment advice.

Sources & provenance

Published 2026-06-09 · last substantive update 2026-10-23. 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.