Methodology · Reference
What is mNAV?
A plain-English guide to the ratio that tells you whether MicroStrategy, Coinbase, or any other public company holding Bitcoin on its balance sheet is trading at a fair price relative to the crypto it holds. Written for both newcomers and veteran investors.
The formula
mNAV = (shares outstanding × stock price) ÷ (crypto amount × crypto price)
Above 1.0 = premium (market is paying more than the crypto is worth).
Below 1.0 = discount (market is paying less than the crypto is worth).
A quick example: MicroStrategy (MSTR)
MicroStrategy (now called Strategy) owns 843,775 BTC as of its July 2026 SEC 8-K filing. That's more Bitcoin than any other public company on Earth.
If Bitcoin is trading at $60,000, MicroStrategy's Bitcoin is worth about $50.6 billion.
If MicroStrategy's stock market cap is $75 billion, its mNAV is 75 ÷ 50.6 = 1.48. Investors are paying a 48% premium over the underlying Bitcoin to own MSTR.
Some of that premium reflects MicroStrategy's ability to issue debt to buy more Bitcoin (leverage). Some of it is just retail enthusiasm. The interesting question is when the premium is too high — and when it's too low.
Frequently asked questions
What does mNAV stand for?▼
mNAV means 'market value to net asset value.' It's the ratio of a company's stock market cap to the dollar value of the crypto it holds on its balance sheet. If a company's mNAV is above 1.0, its stock is trading at a premium to the crypto it holds. Below 1.0 means it's trading at a discount.
How is mNAV calculated?▼
mNAV = market cap ÷ crypto holdings value. Market cap = shares outstanding × current stock price. Crypto holdings value = crypto amount × current crypto price. So if MicroStrategy owns 843,775 BTC and Bitcoin is $60,000, its crypto holdings are worth about $50.6 billion. If MSTR's market cap is $75 billion, its mNAV is 75 ÷ 50.6 = ~1.48 (a 48% premium).
Why does mNAV matter?▼
It tells you if the market is overpaying or underpaying for a company's crypto exposure. Buying MSTR at a 48% premium to Bitcoin is a very different trade than buying it at a 10% discount. mNAV lets you compare treasury companies apples-to-apples and spot the ones the market is mispricing.
Where does FintellHQ get the data?▼
Shares outstanding come from SEC EDGAR filings (10-Q, 10-K quarterly reports) — the same primary source Bloomberg and the SEC's own EDGAR search use. Crypto holdings come from each company's own SEC filings and press releases. Live stock prices come from Polygon.io (15-minute delayed). Live crypto prices come from CoinGecko. Everything traces back to a filing or a licensed data feed — nothing is fabricated.
How often does mNAV update?▼
Continuously during market hours. Stock prices refresh every 60 seconds; crypto prices update every 20-30 seconds. Shares outstanding update daily from the SEC (they only change quarterly on new filings anyway). So the number you see is always current.
What's a typical mNAV range?▼
For well-known treasury companies, mNAV usually sits between 0.8 and 2.5. MicroStrategy has historically traded at a 30-100% premium (1.3-2.0 mNAV). Miners like MARA and Riot often trade closer to 1.0 because their treasury is only part of the business. Non-US filers like Metaplanet can trade much higher because local demand outstrips supply.
What are the limits of mNAV as a signal?▼
It doesn't account for the operating business a company runs alongside its treasury. MicroStrategy has a software business; MARA has a mining operation. Their mNAV includes value from those businesses too. Miners with self-produced Bitcoin have no meaningful cost basis, so we don't calculate a P&L number for them — we mark 'mined' next to those holdings to be honest about it.
Data sources
Shares outstanding — SEC EDGAR XBRL company facts (dei:EntityCommonStockSharesOutstanding). Bitcoin holdings — company 10-Q, 10-K, and 8-K filings. Live stock prices — Polygon.io (15-min delayed). Live crypto prices — CoinGecko. Every number is traceable to a primary source.