How we compute mNAV
mNAV (EV) = (market cap + debt + preferred − usd reserve) ÷ (BTC × BTC price)
mNAV (basic) = market cap ÷ (BTC × BTC price)
| Market cap | $61.13B |
| + debt | $6.71B |
| + preferred stock (notional) | $13.56B |
| − usd reserve | $5.28B |
| = EV | $76.12B |
| ÷ BTC NAV (848,517 × $81,423) | $69.09B |
Assumptions: basic share count without options or conversions; debt and preferreds at notional, not market value; USD reserve derived from Strategy's feed (total reserve minus BTC NAV); live BTC price and the last share trade. Companies compute their own mNAV (Strategy uses a diluted market cap), so numbers can differ. Above 1 the market pays more than the bitcoin is worth; below 1, less.