Live data · updated 2026-09-07
MSTR mNAV today: 0.96x
Strategy (MSTR) is trading at 0.96x simple mNAV — a 4% discount to the market value of its Bitcoin. Numbers update automatically on every site deploy.
Summary
- Simple mNAV is 0.96x — MSTR's $64.3B market cap divided by the $66.6B of Bitcoin it holds.
- Full (enterprise-value) mNAV is 1.21x, which adds convertible debt and preferreds and subtracts cash.
- That is a 4% discount to the underlying Bitcoin, versus a 2-year range of roughly 0.66x–2.96x.
- Buying MSTR implies paying $76,058 per Bitcoin, against a $78,859 spot price.
- Inputs: 845,050 BTC and 450.1M diluted shares, as of 2026-09-07 16:08 UTC.
Prices as of 2026-09-07 16:08 UTC · MSTR holdings 845,050 BTC · 450.1M diluted shares.
The inputs behind today's number
| Input | Value | Source |
|---|---|---|
| MSTR market cap | $64.3B ($142.80 × 450.1M shares) | Yahoo Finance · 10-Q shares |
| Bitcoin NAV | $66.6B (845,050 BTC × $78,859) | Strategy tracker · CoinGecko |
| Convertible debt | ~$6.7B | Strategy · 10-Q |
| Preferred equity | ~$14.8B (STRF + STRK + STRC + STRD) | Strategy |
| BTC per share | 0.00188 BTC (187,751 sats) | derived: BTC ÷ diluted shares |
Reproduce this number yourself
Both figures come from the inputs above — no hidden adjustments:
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 (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 (1.21x vs 0.96x 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.
Sources & provenance
Published 2026-06-09 · last substantive update 2026-09-07. 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.
- Strategy — official Bitcoin tracker (holdings, diluted shares, debt, preferreds, cash)
- SEC EDGAR — Strategy (MSTR) 8-K filings, where BTC purchases are disclosed
- SEC EDGAR — Strategy (MSTR) 10-Q / 10-K, source of diluted share counts
- CoinGecko — Bitcoin spot price
- Yahoo Finance — MSTR daily closes
- BTC Exposure — data sources, formulas, and limitations
Full formulas, update cadence, and known limitations: methodology & data sources.