MSTR mNAV

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How it’s calculated. With mNAV above 1.0×, the company is valued at a premium to its bitcoin; below it, at a discount. The main line is enterprise-value mNAV, the method Strategy used before July 23, 2026: enterprise value ÷ (bitcoin held × bitcoin price), where enterprise value = MSTR market value (class A and class B shares × MSTR price) + debt (principal) + preferred stock (notional) − cash and the USD Reserve. The dashed “stock only” line leaves out debt, preferred stock and cash; the gap between the two lines shows how much of the company’s value sits ahead of common shareholders. Bitcoin is priced at 4:00 p.m. New York time to line up with the stock’s close. Holdings come from Strategy’s SEC filings, usually weekly; between 10-Q and 10-K share counts, the count is estimated in a straight line, and ATM sales and buybacks reported since the latest count are added. Debt, preferred and cash come from Strategy’s filings and announcements, with weekly preferred stock sales and buybacks added between reports; Strategy changed its own mNAV definition on July 23, 2026, to share price ÷ net bitcoin per share after senior claims, so Strategy’s published mNAV is calculated differently from this page’s and the two will not match. Readings before December 2020 are high because the software business was still most of the company’s value. Each cycle’s high is the highest price in the two years after its halving, and its low is the lowest price after that high. Halving dates are set by the Bitcoin protocol; the next one is estimated.