This is one article in a collection of 52 articles published on the basics of Bitcoin. If you are unfamiliar with bitcoin, some of the early articles in the series will be beneficial for this portion of the series discussing bitcoin treasury companies. Please contact us, if you have any questions or comments.
In August 2020 the CEO of MicroStrategy (now known as Strategy), Michael Saylor, pioneered a new era for bitcoin and publicly traded companies when MicroStrategy purchased 21,454 bitcoin for 250 million dollars. Since then Saylor and his team at Strategy have continued to use financial instruments to add to their bitcoin position. As of June 16, 2025 Strategy has accumulated 592,100 bitcoin for a price of approximately 41.82 billion dollars. As a result of Strategy’s success more and more companies are starting to implement variations of a bitcoin accumulation strategy leading individuals to try to come up with metrics to measure and compare these types of companies.
One metric that has gained traction is a metric known as mNav which stands for Multiple of Net Asset Value. A company’s mNAV is calculated by first determining the enterprise value of the underlying company deploying the bitcoin strategy. To calculate the company’s enterprise value (EV) simply calculate the sum of the company’s market capitalization, total debt, and any preferred stock then subtracting the cash balance of the company. Then the enterprise value (EV) is divided by the value of the company’s bitcoin holdings. If a company’s mNAV is greater than 1.0 the company’s stock is trading at a premium compared to the company’s bitcoin holding. Conversely, if the mNAV is less than 1.0 the company’s stock is trading at a discount compared to the company’s bitcoin holding. Finally, if the company’s mNAV equals 1.0 that means the company’s enterprise value is equal to the company’s bitcoin holdings.
To gain a better understanding of the usefulness of the mNAV metric let’s look at four of the top 14 corporate holders of bitcoin. As of the date of this publication Strategy holds 592,100 bitcoin and has an mNAV of 1.68, Tesla holds 11,509 bitcoin and has an mNAV of 873.26, Metaplanet holds 10,000 bitcoin and has an mNAV of 7.09, and, finally, Semler Scientific has 4,449 bitcoin and has an mNAV of 1.03.
Let’s start with Strategy with an mNAV score of 1.68. That number means that Strategy’s enterprise value is trading at a premium compared to its bitcoin holdings by 68 percent. Metaplanet has a higher mNAV of 7.09 which reflects Metaplanet trading at a 609 percent premium to its bitcoin holdings. At the lowest end of the spectrum for these four companies is Semler Scientific who has an mNAV score of 1.03. This means that Semler Scientific is trading at a three percent premium to their bitcoin holdings.
While the three companies above are all deploying a purer bitcoin accumulation strategy, Tesla is operating an innovative technology business which is driving a lot of the company’s enterprise value. As a result, Tesla’s mNAV number is a ridiculous 873.26. In other words Tesla is trading at an absurd 872.26 percent premium compared to their bitcoin holdings. Obviously, Tesla is much different from the other three companies examined but it is important to keep in mind that as the strategy evolves new metrics will need to be created to evaluate different strategies for companies with more robust underlying businesses than a pure bitcoin accumulation strategy.
There are many reasons a company’s mNAV could be greater than 1.0. For example, in certain markets ownership of a Bitcoin Accumulation Company has tax advantages compared to having direct exposure to bitcoin. Additionally, certain markets do not have exposure to bitcoin ETFs (Exchange-Traded Funds). An mNAV premium could also be attributed to confidence in the leadership team executing a bitcoin accumulation strategy and the bitcoin price appreciating. While this list is not exhaustive, one final consideration would be the position we are in within the current halving cycle. Historically this has been a strong part of the bitcoin four year halving cycle, so it is possible all these bitcoin accumulation companies are experiencing the natural tail winds of the market cycle position we are currently occupying.
We are in the early innings of Bitcoin Accumulation Companies and the proper metrics to evaluate these companies will likely rapidly evolve. It took baseball over 100 years and basketball 70 years to determine the metrics that truly drive today’s game. I expect new metrics will be used and the most successful Bitcoin Accumulation Companies to have propriety software and metrics data to properly evaluate this rapidly evolving market.
