Bitcoin treasuries trading below NAV
4 of the 4 tracked Bitcoin treasuries currently trade below the value of the bitcoin they hold (gross mNAV under 1.0). The steepest discount is Twenty One Capital (XXI) at 0.68x, an effective bitcoin price of $42,886, about 32% below spot. But the headline can mislead: MSTR and ASST look cheap on gross mNAV yet sit at or above parity once senior debt and preferred are netted out, so the discount is thinner than it appears.
Gross vs net, ranked by discount
| # | Company | Gross mNAV | Net mNAV | Eff. BTC price | Verdict |
|---|---|---|---|---|---|
| 1 | XXITwenty One Capital 🇺🇸 | 0.68x | 0.83x | $42,886 | Below NAV |
| 2 | MPJPYMetaplanet 🇯🇵 | 0.73x | · | $45,594 | Below NAV |
| 3 | MSTRStrategy 🇺🇸 | 0.74x | 1.13x | $46,093 | Below NAV gross · at parity net |
| 4 | ASSTStrive Inc 🇺🇸 | 0.95x | 1.35x | $59,647 | Below NAV gross · at parity net |
Gross mNAV = market cap ÷ value of bitcoin held. Net mNAV = market cap ÷ bitcoin left for common shareholders after senior claims (debt + preferred, net of cash). Below 1.0 is a discount. Net mNAV shows · where senior-claims data is still pending. Refreshed every 5 minutes.
Why below NAV cuts both ways
A treasury company trading below NAV is selling for less than the bitcoin it owns. On the surface that is a discount: each dollar of stock buys more than a dollar of bitcoin exposure. It is the inverse of the premium these companies usually carry.
The catch is reflexivity, the so-called spiral of doom. Above NAV a company can issue shares accretively, raising a dollar to buy more than a dollar of bitcoin per share. Below NAV that flywheel reverses: new equity would be dilutive, which cuts off the cheapest fuel for more bitcoin and can pressure the stock further. A shallow, brief discount is noise; a deep, persistent one is the risk.
And the headline number can mislead. Gross mNAV ignores the capital structure. A company with a large debt and preferred stack can look cheap on gross mNAV while sitting at or above parity once those senior claims are netted out. That is why this page shows both gross and net (CEBE) mNAV, and why the gross vs net mNAV distinction matters before you call anything cheap.
Go deeper
Frequently asked
What does mNAV below 1 mean for a Bitcoin treasury?
mNAV (multiple of net asset value) is a treasury company's market cap divided by the value of the bitcoin it holds. Below 1.0 means the stock is worth less than the bitcoin on its balance sheet, so each dollar of stock buys more than a dollar of bitcoin exposure. It is a discount to net asset value, the opposite of the premium these stocks usually command.
Is a Bitcoin treasury trading below NAV a buy?
Not automatically. A discount can be a genuine value (more bitcoin per dollar through a regulated equity wrapper) or the market pricing in real risk: dilution, leverage, or a stalled accumulation flywheel. Crucially, gross mNAV ignores the capital structure. A company with large debt or preferred stack can look cheap on gross mNAV but sit at or above NAV once those senior claims are subtracted (its CEBE net mNAV). Check both lenses before calling it cheap. Not financial advice.
Why is MSTR trading below its bitcoin?
Strategy (MSTR) flipped from a large premium to around or below gross parity through 2026 as the broad treasury premium compressed. But MSTR also carries roughly $18 billion of convertible debt and preferred stock that rank ahead of common shareholders. Net of those senior claims (CEBE net mNAV) the picture is different from the gross headline. The live table above shows the current gross and net readings side by side.
What is the 'spiral of doom' for treasury companies?
The spiral of doom is the reflexive risk that sets in when a treasury company's stock falls below NAV. Above NAV it can issue shares accretively (raise a dollar, buy more than a dollar of bitcoin per share). Below NAV that flywheel reverses: issuing equity would be dilutive, cutting off the cheapest funding for more bitcoin, which can pressure the stock further. A persistent, deep discount is what makes the reflexivity a real risk rather than a simple buying opportunity.
How is the below-NAV ranking calculated?
Each company's gross mNAV is market cap (live) divided by bitcoin holdings times spot bitcoin price, refreshed every 5 minutes. Net (CEBE) mNAV divides by the bitcoin left for common shareholders after senior claims (debt plus preferred, net of cash), with the senior-claims figures hand-sourced from SEC filings and dated. The table sorts ascending by gross mNAV, so the steepest discount is first. Open methodology, reproducible from public data.