The most common valuation yardstick is the mNAV. It compares a company's enterprise value (EV) — which is a firm's market cap plus debt minus any cash — to the market value of its bitcoin holdings. This provides investors with a means to evaluate the extent to which the market ***** igns a premium or discount to its treasury.
The metric is now widely followed. Strategy publishes its own mNAV on its investor site, while third-party dashboards such as BitcoinTreasuries.net track various mNAV figures across multiple firms.
While the EV-based calculation simplifies the calculation of the metric,