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.
Related Terms
Digital Asset
Electronically stored items of value that can be owned, transferred, or traded, typically secured by blockchain technology for immutability and transparency.
Blockchain Trilemma
The blockchain trilemma refers to the challenge of balancing three core properties—decentralization, security, and scalability—in a blockchain network, where optimizing one often compromises the others.
BUIDL
The act of actively building and contributing to the development of decentralized technologies and ecosystems, rather than solely investing or speculating.
Justin Sun
Chinese-born crypto entrepreneur and founder of the Tron blockchain, known for aggressive expansion and high-profile controversies.
51% Attack
A 51% attack occurs when a single entity or group controls over 50% of a blockchain’s computing power or stake, allowing them to manipulate the network’s transaction ledger.
Block and Block Height
A block is a collection of transactions recorded on a blockchain, and block height is the sequential number of a block in the chain, starting from the genesis block.