The number that tells you how much you pay for each dollar of bitcoin behind a share. A 73-second explainer, or a two-minute read.
mNAV is a share’s price divided by its net asset value per share: the bitcoin behind each share, after what the company owes. Above 1× you pay a premium for that bitcoin; below 1× you get it at a discount.
Strategy held 848,517 BTC as of Oct 25, 2026, according to its Q3 results 8-K. Spread across every share, each share owns a slice of it.
That slice, after what the company owes, is its net asset value per share: NAV.
An example with round numbers, everything per share:
| Bitcoin it holds | +$120 |
| Cash | +$5 |
| Debt | −$15 |
| Preferred stock | −$10 |
| NAV per share | $100 |
mNAV is the share price divided by NAV per share. At a $100 share price, mNAV is 1.0×: you pay exactly what the bitcoin is worth. At $150 it’s 1.5×, a premium of $1.50 for each $1 of bitcoin. At $80 it’s 0.8×, a discount: 80¢ for each $1 of bitcoin.
Treasury companies grow their bitcoin by selling new shares. Above 1×, each new share sells for more than the bitcoin behind it, so the money raised buys more bitcoin per share for every holder. Below 1×, new shares sell for less than their slice, so selling them to buy bitcoin shrinks every holder’s slice.
That’s why mNAV decides whether issuing stock helps or hurts holders.
Strategy’s mNAV went from four times the bitcoin behind each share to about the bitcoin itself. It peaked at 4.01× on Nov 20, 2024, and was 1.09× on Oct 16, 2026, on Strategy’s own definition.
Strategy’s definition: share price ÷ net bitcoin per share, where net bitcoin is bitcoin − out-of-the-money debt − preferred + cash, over fully diluted shares. Orange Paper shows mNAV live on four definitions, for Strategy and Strive.
What is mNAV?
mNAV is a bitcoin treasury company’s share price divided by its net asset value per share, the bitcoin behind each share after what the company owes.
What does an mNAV below 1 mean?
The shares trade for less than the bitcoin behind them. Selling new shares to buy bitcoin would then shrink each holder’s slice.
Why do companies care about mNAV?
Above 1×, selling new shares buys more bitcoin per share for every holder. Below 1×, it does the opposite.
Examples use round numbers. Figures for Strategy and Strive are from SEC filings; calculations are Orange Paper’s and labelled. Not investment advice.
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