mNAV is not a standardized accounting NAV. Strategy’s current company-specific definition divides its Class A market price per share by Net Bitcoin Per Share in USD after defined senior claims and a USD reserve. The company changed this methodology on 23 July 2026, so older figures are not directly comparable.
The numerator is the quoted common-share price. The denominator starts from bitcoin holdings, adjusts for specified debt-like instruments and preferred claims, offsets the USD reserve under the company’s methodology and expresses the result per assumed share. Each input can move independently.
Traditional net asset value normally follows accounting and legal definitions. Strategy explicitly states that its mNAV is not equivalent to conventional NAV. Other treasury companies or analysts may use enterprise value, gross bitcoin or different dilution assumptions under the same shorthand.
Above 1×, the share market values common equity above the defined net bitcoin-per-share denominator; below 1× it values it below. This does not by itself identify mispricing because operations, taxes, debt, optionality, liquidity and governance also affect the share price.
Issuing common shares above the defined mNAV threshold and buying bitcoin can increase the metric’s net bitcoin-per-share denominator under stated assumptions. Accretion in that narrow KPI is not the same as accounting profit, total shareholder return or absence of senior claims.
Always record the issuer’s exact formula and date, bitcoin price source, share count, convertible treatment, preferred claims, debt and cash adjustments. Do not place a pre-23 July 2026 Strategy mNAV series beside the current series without restating the methodology break.
Primary or authoritative records make these details checkable: market-to-NAV compares a company's equity value with a defined net asset value, often adjusted for Bitcoin holdings, cash, debt, preferred securities and share count under a stated methodology. They should be verified before using the coordinate in analysis.
The practical limit is: mNAV is not a standardized accounting measure or arbitrage guarantee; enterprise versus equity value, dilution, taxes, operating business, derivatives, timestamps and source data can materially change it. A definition, office, chart pattern or published claim is not by itself a prediction or Bitcoin consensus rule.
For the clearest picture, read this entry together with Strategy (MicroStrategy), Net asset value, ETF premium and discount, Bitcoin treasury company, Market reflexivity. The reverse links also lead from Strategy (MicroStrategy), Bitcoin treasury company, Bitcoin yield metric, Bitcoin per share.