Question 1

What is BTC NAV per share?

Accepted Answer

BTC NAV per share is the market value of a company's bitcoin treasury divided by its diluted share count. It's the floor value the company would deliver per share if it liquidated the BTC stack at spot — net of liabilities for a stricter mNAV calculation.

Question 2

What is mNAV?

Accepted Answer

mNAV (modified NAV) is the market price per share divided by per-share BTC NAV. Above 1.0 means the stock trades at a premium to its underlying BTC backing; below 1.0 means a discount. Strategy famously trades at premiums of 1.5x-3x driven by leverage, capital-issuance optionality and corporate-strategy narrative.

Question 3

Where does the BTC holdings data come from?

Accepted Answer

Holdings are sourced from issuer 8-K filings, monthly mining updates and 10-Q balance-sheet disclosures, surfaced via DeFi Intel's DI_TREASURIES dataset. Strategy, Marathon, Riot, Coinbase and Tesla are matched to live treasury profiles; Block, Galaxy Digital, Metaplanet, Semler Scientific and Hut 8 are also covered. Numbers update quarterly; the as-of date is shown on each row.

Question 4

How do I use this against a different BTC price?

Accepted Answer

Type any price into the BTC price field and click Calculate. The tool re-prices every company's BTC stack and recomputes per-share NAV and the premium/discount versus the snapshot share price.

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