mNAV
A valuation ratio that compares a company's market value with the net value of the digital assets it holds on its balance sheet.
Also called: Multiple of net asset value, mNAV premium
mNAV, or multiple of net asset value, is most often used to value digital asset treasury companies, which are listed firms whose main strategy is to accumulate a cryptoasset such as bitcoin or ether. It is calculated by dividing the company’s market capitalization, or in some versions its enterprise value, by the market value of its crypto holdings.
An mNAV above 1.0 means investors pay a premium for each unit of crypto held through the stock; below 1.0 means a discount. A premium lets a company issue new shares and buy more of the asset in a way that raises holdings per share, which is why issuers watch the ratio closely. When the premium compresses, that funding loop slows or reverses, and some companies consider buybacks or asset sales.
For allocators, mNAV separates the value of the underlying asset from the value the market assigns to management, capital access and leverage. Example: a company holding $10 billion of bitcoin with a $15 billion market capitalization trades at an mNAV of 1.5.
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Part of the BlockWest Glossary, plain-language definitions for markets, AI and digital assets. Educational content, not investment advice.