mNAV (multiple of net asset value)
A Bitcoin treasury company's market capitalization divided by the value of the bitcoin it holds. mNAV = 1.0× means the stock trades for exactly the value of its BTC. Above 1.0× = the market is paying a premium. Below 1.0× = the stock trades for less than the bitcoin it holds (treasury-cheap).
Threshold guide: below 1.0× is historically a strong accumulation signal · between 1.0× and 1.6× is a normal premium · above 1.6× is rich premium territory and historically a yellow flag for fresh entries.
How to read it
Read mNAV as the price of the wrapper. At 1.0× you pay exactly what the company's bitcoin is worth. At 1.5× you pay fifty percent extra for management, leverage, and the accretion machine. Below 1.0× the market is handing you bitcoin at a discount through the equity, which usually signals doubt about the company itself. The trap: mNAV alone ignores debt structure and dilution terms, so a deep discount sometimes means the market sees a problem you do not.
On Galaxy Mind
mNAV is the organizing number of the /treasuries scoreboard: every tracked company (MSTR, XXI, MPJPY, ASST) is ranked by it live, the cheapest gets the green pill, and the richest gets the red one. MSTR's mNAV is also one of the ten Buying Gauge signals at 6% weight: a rich premium reads as crowd euphoria, a compressed one as fear. The cheap and rich mNAV email alerts fire from the same number.
Context
MSTR has traded from roughly 1.0× in deep bear markets to above 3.0× at peak euphoria. Twenty One Capital (XXI) has historically printed 0.7× to 1.2×, regularly offering treasury exposure below the value of its coins. The 1.6× line the site flags as rich is not magic, it is simply the zone where buying the wrapper has historically been worse than buying spot bitcoin outright.