mNAV
Multiple of Net Asset Value - a valuation metric for digital asset treasury companies, representing the ratio of enterprise value to digital asset holdings value.
What is mNAV?
mNAV, or multiple of Net Asset Value, is a valuation metric used for digital asset treasury companies (DAT), representing the ratio of a company’s enterprise value (market cap plus debt minus cash) to the value of its digital asset holdings (primarily Bitcoin). It quantifies the market premium investors pay for future accumulation potential and leverage, sometimes exceeding 2x for leaders like Strategy (MSTR). High mNAV reflects bullish sentiment on Bitcoin yield (BTC per share growth), but can compress during drawdowns; it’s a key proxy for digital assets exposure via equities.
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