MSTR mNAV: Strategy vs Its Bitcoin
Strategy (MSTR) holds 848,517 BTC, worth $65.8B at $77,597 per bitcoin, and its shares are worth $55.1B at $130.51 each. That puts its mNAV at 0.84× — the stock trades at a 16% discount to the bitcoin it owns. Counting its $6.8B of debt and $14.1B of preferred stock, less its $4.8B cash reserve (Strategy's own enterprise-value method), mNAV is 1.08×. Each share is backed by 201,081 sats (2.0108 BTC per 1,000 shares).
Bitcoin: live · MSTR: Oct 30, 20:00 UTC, 15-minute delay · holdings Oct 25, 2026, shares Sep 30, 2026
mNAV calculator
try a share price or a bitcoin pricemNAV of Bitcoin Treasury Companies
Live share prices and bitcoin prices against the latest filed holdings and share counts. "EV" adds debt and preferred stock and subtracts cash. Sorted by bitcoin held.
| Company | Bitcoin | Bitcoin value | Share price | Market cap | mNAV | mNAV (EV) | Sats per share |
|---|---|---|---|---|---|---|---|
| Strategy MSTRTreasury company · bitcoin Oct 25 | 848,517 | $65.8B | $130.51 −7.8% | $55.1B | 0.84× | 1.08× | 201,081 |
| Metaplanet 3350Treasury company · bitcoin Sep 30 | 44,000 | $3.4B | ¥244.00 −7.6% | $2.1B | 0.62× | 0.80× | 3,225 |
| Twenty One Capital XXITreasury company · bitcoin Jun 30 | 43,514 | $3.4B | $5.48 −4.2% | $3.1B | 0.91× | 1.03× | 7,738 |
| Strive ASSTTreasury company · bitcoin Oct 16 | 36,818 | $2.9B | $22.20 −10.9% | — | — | — | — |
| MARA Holdings MARAMiner · bitcoin Jun 30 | 35,577 | $2.8B | $6.77 −5.5% | $2.6B | 0.95× | 1.67× | 9,210 |
| CleanSpark CLSKMiner · bitcoin Sep 30 | 13,530 | $1.0B | $7.67 −6.5% | — | — | — | — |
| Riot Platforms RIOTMiner · bitcoin Jun 30 | 11,380 | $0.9B | $12.81 −6.8% | — | — | — | — |
| Trump Media & Technology Group DJTOperating company · bitcoin Jun 30 | 9,477 | $0.7B | $5.59 −3.3% | — | — | — | — |
| Hut 8 HUTMiner · bitcoin Jun 30 | 9,314 | $0.7B | $59.40 −10.6% | — | — | — | — |
Company notes and sources
- Strategy: Shares: class A + class B at Sep 30, 2026; ATM sales add a few hundred thousand a month. Debt: convertible notes at notional (Aug 23 dashboard). Preferred: liquidation preference of STRK, STRF, STRD, STRC and STRE at Sep 30 (falling with STRC buybacks). Cash: the USD Reserve, which Strategy itself subtracts. Bitcoin source · shares
- Metaplanet: Debt includes about $414M drawn on a bitcoin-backed credit facility, converted here at today's yen rate. Shares exclude treasury shares; a buyback of up to 200M shares started in October 2026. Metaplanet publishes its own mNAV on metaplanet.jp. Bitcoin source · shares
- Twenty One Capital: Shares: class A + class B (both share profits pro rata). Debt: convertible notes. Holdings as of Jun 30 (Q2 10-Q). Bitcoin source · shares
- Strive: Merged with Semler Scientific. Share count and preferred (SATA) not verified yet, so no mNAV. Bitcoin source
- MARA Holdings: Miner. Bitcoin includes 9,270 BTC loaned or pledged. Debt: convertible notes and line of credit, carrying value. MARA has sold bitcoin in 2026 and says it will keep doing so; Q3 figures not out at review. Bitcoin source · shares
- CleanSpark: Miner. Includes 3,475 BTC posted as collateral. Share count not verified yet. Bitcoin source
- Riot Platforms: Miner. Share count not verified yet. Bitcoin source
- Trump Media & Technology Group: Media company with a bitcoin treasury funded by equity and convertible notes. Share count not verified yet. Bitcoin source
- Hut 8: Miner; excludes its majority-owned American Bitcoin (ABTC). Share count not verified yet. Bitcoin source
- Not listed yet: Bitcoin Standard Treasury Co. (BSTR), 30,021 BTC. Merger with the SPAC Cantor Equity Partners I (CEPO) pending; the bitcoin is committed to the merged company, so CEPO's mNAV isn't meaningful until BSTR trades.
How we calculate mNAV
Bitcoin NAV = bitcoin held × live bitcoin price. mNAV = market cap (basic shares × share price) ÷ bitcoin NAV. mNAV (EV) = (market cap + debt + preferred stock − cash) ÷ bitcoin NAV. Shares in other currencies are converted at today's exchange rate.
Enterprise value (basic market cap + debt notional + preferred notional − USD Reserve) ÷ bitcoin NAV. Strategy's headline definition through 2025, still shown in its 2026 briefings. Since August 2026 Strategy also defines mNAV as the MSTR share price ÷ "net bitcoin per share": bitcoin minus out-of-the-money convertible notes and preferred, plus the USD Reserve, divided by fully diluted shares.
Holdings and share counts are the latest the companies have filed (see the dates in the table); they are reviewed monthly. Strategy, Metaplanet and others sell new shares most weeks, so the true share count is usually a little higher than the filed one and the true mNAV a little higher than shown.
Sources: Strategy, SEC filing (Aug 2026) · Strategy Q3 2026 results · share prices: Yahoo Finance.
Why mNAV matters
A treasury company with mNAV above 1 can sell new shares for more than the bitcoin they represent and use the cash to buy bitcoin, which raises bitcoin per share for existing holders. That is how Strategy grew from 0 to 848,517 BTC since 2020.
When mNAV is near or below 1 the trade stops working: new shares dilute holders instead. Companies then lean on debt and preferred stock, buy back shares or sell bitcoin. Holders of the stock carry bitcoin's price risk plus the premium's own swings, so the share can fall further than bitcoin.
Not investment advice.
MSTR mNAV: FAQ
What is mNAV?
mNAV ("multiple of net asset value") compares a bitcoin treasury company's market value with the bitcoin it owns. Basic mNAV = market cap ÷ (bitcoin held × bitcoin price). Above 1, the market values the company at more than its bitcoin (a premium); below 1, at less (a discount).
What is MSTR's mNAV today?
About 0.84× on market cap and 1.08× on enterprise value, with MSTR at $130.51 and bitcoin at $77,597. Both update with the share price (every 15 minutes in market hours) and the live bitcoin price.
Why is Strategy's own mNAV different?
Strategy has used two definitions. Its long-standing one is enterprise value ÷ bitcoin NAV, where enterprise value = basic market cap + debt + preferred stock − the USD Reserve; that is our "EV" column, using the latest figures it has filed. Since August 2026 it also quotes mNAV as the share price ÷ "net bitcoin per share", which subtracts only out-of-the-money convertibles and preferred and uses fully diluted shares. Figures also differ by date: share counts rise every week Strategy sells stock.
What bitcoin price would make MSTR trade at its NAV?
At today's share price, bitcoin would have to be $64,904 for Strategy's market cap to equal its bitcoin (mNAV 1 on market cap), or $83,801 counting debt and preferred.
What happens when mNAV falls below 1?
Selling new shares to buy bitcoin then reduces bitcoin per share, so the main reason to issue stock disappears. A company can instead buy back shares, sell bitcoin to repay debt or pay preferred dividends, or wait. Strategy keeps a USD Reserve to cover dividends and interest without selling bitcoin.
Related: public companies that own bitcoin · who owns the most bitcoin · ETF holdings · halving cycles