Clean read on crypto treasury stock valuations — mNAV tells you what the stock trades at versus what the company actually owns after debt.
7 of 13 trade below net asset value. That's a discount to book.
$SBET SharpLink 0.67x
$MTPLF Metaplanet 0.71x
$NAKA Nakamoto 0.75x
$FWDI Forward 0.78x
$BMNR BitMine 0.81x
$ORBS Eightco 0.81x
$BTBT Bit Digital 0.95x
$XXI Twenty One 1.05x
$MSTR Strategy 1.08x
$UPXI Upexi 1.26x
$ASST Strive 1.31x
$DFDV DeFi Dev 1.35x
$CYPH Cypherpunk 1.45x
Key lesson: the "cheapest" on coin holdings alone — Upexi and DeFi Dev — flip expensive once you factor in debt. Structure matters.
This is how you read the balance sheet, not just the headline. mNAV under 1.0x = discount. Over 1.0x = premium. Debt changes everything.
Use this framework to spot value or avoid traps in the treasury stock trade.
7 of 13 trade below net asset value. That's a discount to book.
$SBET SharpLink 0.67x
$MTPLF Metaplanet 0.71x
$NAKA Nakamoto 0.75x
$FWDI Forward 0.78x
$BMNR BitMine 0.81x
$ORBS Eightco 0.81x
$BTBT Bit Digital 0.95x
$XXI Twenty One 1.05x
$MSTR Strategy 1.08x
$UPXI Upexi 1.26x
$ASST Strive 1.31x
$DFDV DeFi Dev 1.35x
$CYPH Cypherpunk 1.45x
Key lesson: the "cheapest" on coin holdings alone — Upexi and DeFi Dev — flip expensive once you factor in debt. Structure matters.
This is how you read the balance sheet, not just the headline. mNAV under 1.0x = discount. Over 1.0x = premium. Debt changes everything.
Use this framework to spot value or avoid traps in the treasury stock trade.
