What is mNAV?
mNAV compares what the stock market pays for a company with the value of the crypto that company holds. An mNAV of 2× means the market values the company at twice its coins; below 1× the company is worth less than its coins.
Updated September 28, 2026.
The formula
This site uses the basic number of shares outstanding and does not adjust for debt, cash, preferred shares or convertible bonds. Other sources sometimes use fully diluted shares or enterprise value, which gives a different number.
A worked example
- A fictitious company has 100 million shares at $ 50 each: market value $ 5 billion.
- It holds 20,000 BTC. At a bitcoin price of $ 100,000 that is $ 2 billion.
- mNAV = 5 billion ÷ 2 billion = 2.5×. Investors pay $ 2.50 for every $ 1 of bitcoin the company holds.
- If the share price falls to $ 16, the market value is $ 1.6 billion and the mNAV drops to 0.8×: the company is then worth less than its bitcoin.
Live mNAV of MSTR, BMNR and FWDI
| Company | mNAV | Share price | Market value | Shares (basic) | Coins held | Value of coins |
|---|---|---|---|---|---|---|
| MSTRStrategy | — | — | — | 421,977,908as of Sep 28, 2026 | 847,666 BTCas of Sep 28, 2026 | — |
| BMNRBitMine | — | — | — | 603,226,394as of Jul 9, 2026 | 5,983,940 ETHas of Sep 21, 2026 | — |
| FWDIForward Industries | — | — | — | 73,846,883as of Aug 3, 2026 | 8,160,000 SOLas of Sep 21, 2026 | — |
Share prices: Bybit perpetual contracts; coin prices: Binance (USD). Shares and holdings as of the dates shown. Live values load in your browser and are refreshed every minute.
Why the premium or discount matters
Above 1× a company can issue new shares and use the money to buy more coins. Because each new share brings in more than its share of the coins, the number of coins per share can rise for existing shareholders. That is how treasury companies such as Strategy have grown their holdings.
Below 1× that no longer works: issuing shares would dilute existing shareholders. Some companies then consider buying back shares or, in some cases, selling coins. A falling mNAV therefore often says something about how much confidence the market has in the strategy.
Risks and limits
- The premium can disappear quickly. A share can fall much harder than the coin itself.
- Debt and preferred shares are not in this mNAV, but they do rank ahead of shareholders.
- New share issues change the share count between reports; this site only updates it when new filings are processed.
- The share prices come from Bybit perpetual contracts that follow the shares, not from the official stock exchange, and may differ slightly.
- mNAV says nothing about the operating business or costs of the company. It is one indicator, not investment advice.
How this site calculates mNAV
For Strategy (MSTR) the number of shares and the bitcoin holdings come from strategytracker.com. For BitMine (BMNR) and Forward Industries (FWDI) the share counts come from the companies' SEC filings (XBRL data) and the holdings from CoinGecko and company announcements. Between two filings the share count is interpolated, and after the latest filing it is kept constant, even though new shares may have been issued since. Share prices come from Bybit, coin prices from Binance. The same numbers drive the mNAV line on the dashboard chart.
About this page & FAQ
What does an mNAV of 2× mean?
That the stock market values the company at twice the value of the crypto it holds. Investors then pay $ 2 for every $ 1 of coins on the balance sheet.
Can mNAV be below 1?
Yes. Then the company is worth less on the stock market than the coins it holds. That can happen when investors worry about debt, costs, dilution or the strategy itself.
Why does this site use basic shares?
Because the basic share count is published in every filing and is easy to check. Fully diluted counts or enterprise value (including debt and preferred shares) are also valid methods; they usually give a higher mNAV.
How often is the mNAV updated?
Share and coin prices are live and refresh every minute on this page. The number of shares and coins changes when the companies report; the site's data is refreshed about once a week.