Gross vs net mNAV
There is no single agreed way to value a Bitcoin treasury company, which is what the BTC Prague 2026 debate was about. Rather than pick a side, Galaxy Mind publishes all three lenses live: gross mNAV (ignores capital structure), EV / fully-diluted mNAV (Saylor's include-the-notional view), and CEBE net mNAV (the conservative, after-claims view of what common shareholders own). Read each company through whichever you trust.
All three lenses, live
| Company | Gross | EV / diluted | Net (CEBE) |
|---|---|---|---|
| MSTRStrategy 🇺🇸 | 0.79x | 1.13x | 1.20x |
| XXITwenty One Capital 🇺🇸 | 0.73x | 0.90x | 0.88x |
| MPJPYMetaplanet 🇯🇵 | 0.79x | pending | pending |
| ASSTStrive Inc 🇺🇸 | 1.01x | 1.29x | 1.41x |
Gross = market cap ÷ BTC value. EV / diluted = (market cap + debt + preferred − cash) ÷ BTC value. Net (CEBE) = market cap ÷ (BTC value − senior claims). Refreshed every 5 minutes · senior-claims figures hand-sourced from filings and dated on each per-ticker page. Pending where claims are not yet sourced.
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Frequently asked
What is the difference between gross and net mNAV?
Gross mNAV divides a treasury company's market cap by the full value of the bitcoin it holds, ignoring its capital structure. Net (CEBE) mNAV divides by the bitcoin left for common shareholders after senior claims (debt and preferred, net of cash). The more leverage a company carries, the wider the gap · a stock that looks like a discount on gross mNAV can sit at or above NAV once its converts and preferred stack are accounted for.
What is fully-diluted or EV mNAV?
Enterprise-value (fully-diluted) mNAV adds the notional value of debt and preferred to the numerator instead of subtracting from the bitcoin side: (market cap + debt + preferred − cash) ÷ bitcoin value. 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 always greater than or equal to gross mNAV.
Which mNAV is the right one?
There is no single agreed standard, which is exactly what the BTC Prague 2026 debate was about. Gross is the simplest and most comparable; EV / fully-diluted reflects the full claim stack as Saylor frames it; CEBE net is the conservative view of what common shareholders actually own. Galaxy Mind publishes all three live, with dated and cited senior-claims figures, so you can read the company through whichever lens you trust. Not financial advice.
Why do the three numbers differ so much for MSTR?
Strategy carries a large convertible-note and preferred stack. That leverage barely moves a debt-free company's numbers but pulls MSTR's three lenses apart: its gross mNAV can read like a discount while its net (CEBE) mNAV is higher, because the senior claims sit ahead of common shareholders. The live table above shows the current spread.