BTC Exposure ← Back to dashboard

MSTR Metrics

What is mNAV?

mNAV — multiple of net asset value — is the single most-watched metric for Strategy (formerly MicroStrategy, ticker MSTR). It tells you whether the market is paying a premium or a discount for MSTR's Bitcoin holdings.

mNAV simple — the basic formula

The simple version of mNAV divides MSTR's market capitalization by the dollar value of Bitcoin on its balance sheet:

mNAV (simple) = MSTR market cap ÷ (BTC holdings × BTC price)

When mNAV is greater than 1, the market is paying a premium over MSTR's BTC. Investors are willing to pay extra for the leverage, capital-raise machinery, and brand. When mNAV is less than 1, MSTR trades at a discount — historically rare and a contrarian signal.

mNAV full / EV — the complete picture

The full or enterprise-value version is what bitbo.io and SaylorTracker quote. It adds Strategy's preferreds (STRK and STRC) and convertible debt to the numerator, and subtracts cash:

mNAV (full) = (market cap + preferreds + conv. debt − cash) ÷ BTC NAV

This captures the total claim on Bitcoin across all of Strategy's capital structure — not just common equity.

Why mNAV matters

mNAV is the gating signal for Strategy's at-the-market (ATM) capital raises. When mNAV is meaningfully above 1, Saylor can issue equity at a premium to BTC NAV and use the proceeds to buy more Bitcoin — increasing sats per share for existing holders. When mNAV drops near or below 1, dilution stops being accretive and the issuance machine pauses.

Live mNAV calculator

The BTC Exposure dashboard computes both versions of mNAV live, using CoinGecko's BTC price feed, Yahoo Finance for MSTR, and Strategy's most recently disclosed BTC holdings. Click Refresh to fetch the current values.

Related concepts