Sats per dollar (sats per $1)
How many sats of bitcoin one dollar of a treasury company's stock effectively buys · bitcoin held × 1e8 ÷ market cap. It is the reciprocal of the effective BTC price, expressed in sats, and is share-count independent (the share count cancels out of market cap), so it compares cleanly across companies.
When a stock's sats per $1 exceeds spot bitcoin's (1e8 ÷ BTC price), the company trades below NAV and each dollar stacks more sats through the equity wrapper than buying bitcoin outright. It is the mNAV discount, counted in sats.