Effective BTC price
The actual price you pay per bitcoin when buying a treasury company's stock. Computed as spot BTC price × mNAV. Below spot means you're getting a discount; above spot means you're paying a premium for the wrapper (operating leverage, regulated equity access, future accretion).
How to read it
Multiply spot by mNAV and you get the price you are actually paying per coin through the stock. If spot is $60,000 and mNAV is 1.4×, your effective price is $84,000. Compare that number, not the share price, against what you would pay on an exchange. When effective price drops below spot, the equity is the cheaper way in, before considering custody and tax differences.
On Galaxy Mind
The /treasuries table shows effective BTC price as its decision column, color-coded: cyan when you are buying coins at a discount through the equity, orange when the premium is rich, muted inside the five percent band where the difference is noise. The /mstr-vs-bitcoin page is built entirely around this comparison, live.
Context
The spread moves more than people expect: the same company can offer coins at a ten percent discount in a fearful quarter and charge a sixty percent premium two quarters later. Buyers who anchor on share price history instead of effective BTC price routinely overpay at exactly the wrong moment.