Entities Btctc Mnav Btctc Mnav
Bitcoin
mNAV is the ratio of a treasury company's market cap to the net asset value of its Bitcoin holdings.
Why it matters
It measures the premium (or discount) equity investors pay over the underlying Bitcoin.
How it is built
Market capitalization is divided by the net asset value of the company's Bitcoin.
What to watch
mNAV above 1 signals a premium that can compress sharply if sentiment turns, a key risk for these stocks.
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