mNAV Premium Calculator
Bitcoin treasury companies trade at a premium or discount to the coins they hold. mNAV measures it: buy the stock and this is what you pay per dollar of underlying BTC.
Results (live)
Estimates only, not financial advice. All math runs in your browser; nothing you type leaves this page.
How it works
NAV = BTC held × price − net debt
mNAV = market cap ÷ NAV
Worked example
A $90B company holding 440k BTC ($28.6B) with $6B debt has a $22.6B NAV: 3.98× mNAV. You are paying $3.98 for each $1 of bitcoin exposure, the rest is leverage-and-story premium.
FAQ
Why would anyone pay above 1× NAV?
Access (retirement accounts), leverage via the company's debt issuance, and belief management will grow BTC-per-share. Whether that is worth 2-4× is the entire debate.
Can mNAV go below 1?
Yes, closed-end funds and miners have traded below their coin NAV in bear markets, effectively selling BTC at a discount with extra steps.
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Estimates only, not financial, tax or investment advice. Verify numbers against your exchange or a professional before acting.