mNAV (multiple of net asset value)

A Bitcoin treasury company's market capitalization divided by the value of the bitcoin it holds. mNAV = 1.0× means the stock trades for exactly the value of its BTC. Above 1.0× = the market is paying a premium. Below 1.0× = the stock trades for less than the bitcoin it holds (treasury-cheap).

Threshold guide: below 1.0× is historically a strong accumulation signal · between 1.0× and 1.6× is a normal premium · above 1.6× is rich premium territory and historically a yellow flag for fresh entries.