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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.

45 episodes · 3 research pieces

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

Episode

Digital Credit Is Still Misunderstood

The crew discusses why digital credit is still so misunderstood, starting with takeaways from the Bitcoin Treasuries Conference and how SATA and STRC work as dry powder that keeps earning while you wait. The crew covers SATA passing STRF in notional outstanding, the fastest horse debate, and why amplification matters more than a 1% difference in cost of capital. From there, they compare Tesla's multiple to mNAV, look at AI disruption and goodwill at Adobe, and close with a breakdown of the ASST options chain and LEAPS heading into warrant week.

Oct 8, 2026 • 1:00:37 Watch →
Episode

Clean Sheet, who dis?

The crew examines Bitcoin’s technical setup as price converges around the power-law floor, the 200-week moving average, and the short-term holder realized price, then asks whether the latest bottoming signals point toward a durable bull-market confirmation. From there, the conversation moves through financial repression, Treasury buybacks, structurally higher long-term rates, the housing market, rising federal interest expense, and why persistent deficits continue to strengthen the monetary case for Bitcoin. The group then breaks down Strategy’s cleaner balance sheet, the combination of its USD reserve and cash position, the move to zero net leverage, and the capital-allocation flexibility that creates for convertible debt, Bitcoin purchases, STRC repurchases, and MSTR common stock. The discussion also explores STRC’s path back to par, how cash reserves and buybacks affect investor confidence, the emergence of leveraged and delta-neutral markets around preferred equity, and the contrast between STRC and SATA on scale, liquidity, and daily dividends. The episode closes by comparing Strategy’s liquid Bitcoin reserve with traditional bank loan books, revisiting lessons from the 2008 financial crisis, and examining how verifiable Bitcoin collateral could support reinsurance, structured products, prediction markets, and the next phase of digital credit.

Sep 2, 2026 • 1:10:06 Watch →
Episode

We're So (Buy)Back

Bitcoin and Strategy rip higher as the crew breaks down the Treasury’s bond-buyback announcement, the market’s reaction, and what improving liquidity could mean for Bitcoin, MSTR, and the broader digital-credit ecosystem. The conversation moves through Strategy’s strengthening balance sheet, rising USD reserves, falling net leverage, and the way a higher Bitcoin price changes the credit profile of STRC and the rest of the preferred stack. The group also examines MSTR’s surge in trading activity, the potential to rebuild Bitcoin holdings and repurchase securities, and the longer-term path toward using Bitcoin as institutional-grade collateral. From there, the discussion turns to Nvidia-backed AI infrastructure financing, GPU depreciation and underwriting risk, Strategy’s convertible debt mechanics, STRC issuance, MSTR buyback optionality, and the tradeoffs facing common shareholders when mNAV expands. The episode closes with BlackRock’s BITA covered-call ETF, the possibility of Strategy reaching one million Bitcoin, the upcoming Jackson Hole speech and Fed meeting, and what a durable Bitcoin rally could unlock across capital markets.

Aug 19, 2026 • 1:17:36 Watch →

All episodes (45)

True North Weekly (42)

2026

2025

2024

The Hurdle Rate (3)

Research (3)

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True North is for informational and educational purposes only. Nothing presented should be considered investment advice or an offer of any security or investment product. Consult your own investment and tax advisors. Full disclaimer.