mNAV

The ratio of a bitcoin-treasury company's market value to the net value of its bitcoin holdings (net asset value). mNAV above 1 is a premium; below 1 a discount. It drives the strategy's flywheel: at a premium the company can issue shares and buy more bitcoin per share (accretive); a premium collapsing toward or below 1 stalls or reverses the engine. Watching mNAV is watching the health of the strategy.