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Following
BTC The logic of buying shares in a Bitcoin custodian company is not the same as Bitcoin itself.
One of the easiest ways to measure this difference is mNAV (Market to Net Ratio), a valuation multiple that compares a company's market value to the value of the Bitcoin it holds. Simply put, an mNAV of 1.0 times means a company's valuation is roughly equal to its Bitcoin reserves; an mNAV of 1.5 times means that every dollar of Bitcoin held by investors gives the company a value of $1.50; and 0.8 times means there is a discount.
This concept has become increasingly important as listed companies accumulate more and more BTC reserves. Relevant rankings show that Strategy, Metaplane and other listed companies have transformed corporate balance sheets into another way to gain exposure to Bitcoin.
How is mNAV calculated?
There is an important complexity here: mNAV does not have a universally accepted unified formula.
A simple version ofdivides the market value of the equity by the market value of the bitcoin held:
mNAV = company market value ÷ Bitcoin position value
A more complete "corporate value" version adds debt and preferred stock and subtracts cash before comparing the company's positions with Bitcoin.
BitcoinTreasuries.net currently uses enterprise value mNAV for specialized Bitcoin custodian companies:
(Market Value + Debt + Preferred Stock-Cash) ÷ Bitcoin Net Assets
Strategy uses its unique per-share methodology. The company defines mNAV as MSTR's share price divided by its "net bitcoin per share," which is deducted for senior claims and U.S. dollar assets when calculating bitcoin endorsements. Strategy also warned that its mNAV is not a traditional accounting net asset.
Why are people willing to pay more than 1.0 times a premium?
The premium exists because investors are buying more than just the current bitcoin balance.
A custodian company trading at a price higher than NAV may issue new shares at that premium and use the proceeds to purchase additional bitcoins. If executed properly, this will increase the amount of bitcoins per existing stock.
This financing mechanism defines Strategy's business model. Data shows that the company has repeatedly used equity issuance to fund BTC purchases.
According to its latest SEC filing, as of September 7, Strategy held approximately 845,050 BTC units , with an average purchase price of US$75,412 and a total cost of US$63.73 billion.
Its mNAV has recently been approximately 1.14 times , indicating a moderate premium relative to Bitcoin's net assets, although the exact figure will continue to change with changes in MSTR and Bitcoin prices.
Potential risks and attractiveness of discounts
Just because mNAV is below 1.0 times does not mean that stocks are necessarily cheap.
The market may be trading at a discount on debt, preferred stock obligations, dilution risk, mismanagement or the possibility that the company will eventually sell Bitcoin.
For example, Metaplanet recently traded at about 0.97 times mNAV, meaning its valuation is roughly equal to or slightly less than the value of its Bitcoin reserves.
The collapse of the premium on custody shares has already caused losses to investors. Previous analysis has discussed that when capital market support weakens, the Bitcoin custody premium may disappear.
Strategy has also expanded its financial instrument library from pure Bitcoin purchases to include debt, senior securities, and even potential BTC sales to support liquidity. This changing structure is interpreted in detail in its evolving Bitcoin strategic analysis.
