mNAV Analysis
Tracking and analyzing the multiple-to-net-asset-value (mNAV) of Bitcoin treasury companies. The core metric for evaluating whether these companies trade at a premium or discount to their Bitcoin holdings.
mNAV (multiple to Net Asset Value) is the defining metric for Bitcoin treasury companies. It measures the ratio between a company’s market capitalization and the value of its Bitcoin holdings — answering the question: is the market valuing this company above or below its Bitcoin?
True North tracks mNAV across the Bitcoin treasury landscape, with weekly coverage in True North Weekly episodes and dedicated research on valuation dynamics.
Latest on mNAV Analysis
Strategy is Trading Bitcoin's Power Law Trend
Dan Hillery argues that Strategy's pendulum between STRC issuance at low Bitcoin prices and accretive common equity issuance at high prices systematically grows BTC per share — with the current 37% amplification ratio reflecting management's bet that Bitcoin is near the lows relative to the power law trend.
Balancing of MSTR and STRC
Grain of Salt builds a mechanical framework for projecting MSTR equity value across four scenarios — showing how STRC preferred issuance reduces common share dilution and amplifies Bitcoin per share growth.
Before Las Vegas: The Math Every Bitcoin Treasury CEO Needs to See
Grain of Salt demonstrates with four scenarios why some Bitcoin treasury stocks mathematically belong near $1 — and why the fix isn't narrative, it's capital structure discipline.
Weathering The Storm
We break down Strategy’s capital structure, mNAV, leverage, and the emerging digital credit markets. Learn more about how institutional capital actually moves in Bitcoin an how to think about risk in this marketplace.
What is Credit Risk?
The group does a deep dive into Bitcoin credit risk, preferred equity, leverage, and mNAV. Covers MSTR balance sheet math, metals vs Bitcoin flows, Tether reserves, credit models, macro signals, liquidity, and risk/reward across cycles.
Up to Par
The crew discusses Bitcoin, digital credit, and MSTR's capital structure. Analysis on leverage, mNAV, yield curve control and macro deficits, plus Ray Dalio's gold vs Bitcoin view and why credit drives demand.
Bitcoin Did This
Deep into MSTR capital structure, preferred equity, mNAV, and leverage. Digital credit, the power of balance sheet compounding, risk management, and why Bitcoin-backed capital markets may reshape investing.
New Year, The Bottom's In
True North Episode 50 - New Year, The bottom's in Agenda: Welcome to 2026 Macro landscape Status of the preferred equity Pension funds & Insurance Companies 2026 and the horizon
Bear is for Building
This week the crew highlights their experience at Bitcoin MENA, status of sovereign adoption, balance sheet leverage, mNAV, digital credit, AI capital shifts, and why patient capital wins when price disconnects from value.
Stay on Course. Get the Signal.
Subscribe for livestream reminders, key insights, and the occasional alpha drop. Straight from True North.