01Definition
A simplified comparison between a treasury company’s enterprise or equity value and the value of its bitcoin holdings.
02There is no single mNAV
Analysts variously use market capitalization, enterprise value, diluted shares and different treatments of cash, debt and preferred securities. A multiple without a precise formula can therefore mislead.
03Why a premium can exist
A premium may reflect expected capital-raising ability, brand, option-like equity exposure, liquidity or regulatory access. It can also compress quickly and weaken future issuance economics.
⌖Reference points
01
Define numerator and denominator
02
Include debt and preferred claims
03
A premium is not guaranteed
04
mNAV alone ignores maturity risk