Strategy

mNAV (multiple of net asset value) tells you at what premium or discount MSTR shares trade relative to the net value of the company's bitcoin reserves. mNAV = market cap / (BTC held × BTC price). A value above 1 means a premium — investors pay more for the stock than the underlying bitcoin is worth. We reconstruct historical mNAV from August 2020 using daily MSTR and BTC prices, announced purchases (8-K filings), and quarterly share counts from the SEC — treat it as an indicative measure, not an accounting figure.

Mind what mNAV does not include: the numerator is the market cap of the common stock alone. The STRC, STRK, STRF and STRD preferred shares and the convertible debt are left out, even though they rank above common stock in the capital structure. The discount shown is therefore the discount of the common stock against the bitcoin reserves, not against the whole company — counting the senior claims would make it substantially smaller.

STRC ("Stretch") is Strategy's preferred stock with a $100 par value and a variable declared rate paid twice a month. The company reviews the rate every month and adjusts it to keep the price near $100. Effective yield = annual dividend / current market price — below par the yield is higher than the declared rate, above par lower.