EV / fully-diluted mNAV
Enterprise-value (fully-diluted) mNAV: (market cap + debt + preferred − cash) ÷ bitcoin value. It adds the notional senior stack to the numerator instead of subtracting it from the bitcoin side, so it is always greater than or equal to gross mNAV. At BTC Prague 2026 Michael Saylor argued mNAV should be calculated this way · including the notional value of convertible debt, preferred, and common.
It is one of three lenses Galaxy Mind publishes side by side: gross mNAV (ignores capital structure), EV / fully-diluted mNAV (this one), and CEBE net mNAV (the conservative common-equity view). Pending where senior-claims figures are not yet sourced.