Start with the formula
Strategy’s definition, introduced on July 23, 2026, is:
Company-defined mNAV = MSTR market price per share ÷ Net Bitcoin Per Share in U.S. dollars.
Its August 24, 2026 free writing prospectus explains that the numerator is the common share market price and the denominator accounts for specified senior claims, net of USD assets, using the company’s diluted-share assumptions. It also warns that figures calculated under its earlier definition are not comparable. Source: investor briefing and glossary.
Why gross bitcoin value gives a different ratio
A simple gross-holdings ratio divides common market capitalization by the market value of all bitcoin held. That answers a narrower question: how does the common stock’s market value compare with the gross bitcoin reserve?
An enterprise-value version adds specified debt and preferred claims to common market capitalization and subtracts cash before dividing by gross bitcoin value. The precise choices matter: debt principal or market value, preferred stated amount or liquidation preference, and which cash balances are included.
Strategy’s per-share approach treats certain convertible instruments differently depending on whether they are in the money. It also uses a defined share count. Mixing the numerator from one method with the denominator from another produces a ratio without a consistent interpretation. Source: August 24 glossary and limitations.
A dated example, not a live quote
Strategy reported 1.01× mNAV for its August 21, 2026 snapshot, using its own method, in the filing published August 24. That is a historical company figure. We do not present it as today’s mNAV. Source: August 24 investor briefing.
A current calculation would need synchronized stock and bitcoin prices, current senior claims and cash, and a consistent share count. This launch site does not combine a live price feed with stale balance-sheet inputs to manufacture a “current” number.
Five checks before comparing two trackers
- Are both prices measured at the same time?
- Is bitcoin value gross, or adjusted for senior claims?
- How are convertible debt and preferred stock treated?
- Is cash deducted, and which cash balances count?
- Are shares basic, assumed diluted or fully diluted under a stated method?
A different value may reflect a different method, a different timestamp, or both. Read the definition before interpreting a premium or discount.
Below one is not a buy signal
A ratio below one does not prove that common shareholders can redeem their shares for a proportional amount of bitcoin. Taxes, claims, corporate expenses, market access, dilution and governance can all matter. Strategy itself says its supplemental metrics do not substitute for financial statements and do not predict security prices. Source: August 24 limitations.
For the distinctions between BTC Yield, bitcoin per share and cash dividends, see the glossary.
Primary sources
Source documents checked October 2, 2026. The dates attached to figures describe the reporting period, which may be earlier.