mNAV multiple
Glossary · The treasury-company numbers Market
The ratio of a treasury company’s market value to the value of the bitcoin it holds. 1.0 means the market is paying exactly what the coins are worth. Above 1.0 is a premium; below 1.0 is a discount.
Above 1.0, selling stock adds bitcoin per share, because each new dollar buys more coin than the dilution costs. Below 1.0 the machine runs backwards. A measurement, not a target.