All-Time High mNAV (EV)
~3.1×
Nov 2024 — post-election peak
Bear Market Low (EV)
~1.1×
May 2022 — Luna/UST collapse
Current mNAV (Live)
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First Purchase
Aug 2020
21,454 BTC @ ~$11,652
Method
EV / BTC Value
strategy.com method
mNAV (EV Method) — Historical + Live
High
Low
Event
Live
● Live — auto-refreshes every 5 min
EV Method (strategy.com): mNAV = (MSTR price × basic shares + convert debt + preferred − cash) ÷ BTC treasury value. This is the formula used on strategy.com and differs from the simpler market-cap/BTC-value ratio often seen elsewhere.
Key difference vs market-cap method: The 2022 bear market low on the EV basis was ~1.1× (not the 0.7× often cited), because $2.25B of convert debt is added into EV. EV never approached zero even when the MSTR share price collapsed. Similarly the 2024 ATH on EV basis was ~3.1× (not the ~3.9× seen on diluted market-cap methods), because the EV denominator is BTC value not inflated by a diluted share count.
Early history (2020–2021): mNAV started high (~3.7×) because the EV reflected MSTR's legacy software business value on top of a relatively small BTC position. As BTC became the dominant asset, the software premium faded.
Key difference vs market-cap method: The 2022 bear market low on the EV basis was ~1.1× (not the 0.7× often cited), because $2.25B of convert debt is added into EV. EV never approached zero even when the MSTR share price collapsed. Similarly the 2024 ATH on EV basis was ~3.1× (not the ~3.9× seen on diluted market-cap methods), because the EV denominator is BTC value not inflated by a diluted share count.
Early history (2020–2021): mNAV started high (~3.7×) because the EV reflected MSTR's legacy software business value on top of a relatively small BTC position. As BTC became the dominant asset, the software premium faded.
Key mNAV Milestones — EV Method
| Date | mNAV (EV) | BTC Price | MSTR Price (split-adj) | Context |
|---|---|---|---|---|
| Aug 2020 | ~3.7× | $11,500 | $12.60 | First purchase — software biz premium on small BTC position |
| Dec 2020 | ~3.0× | $29,000 | $57 | BTC year-end rally · first convert ($650M) issued |
| Apr 2021 | ~3.1× | $57,000 | $147 | BTC $64k ATH · ~$1.7B debt |
| Jul 2021 | ~1.8× | $32,000 | $42 | China mining ban · BTC -50% crash |
| Nov 2021 | ~2.3× | $65,000 | $145 | BTC $69k all-time high |
| May 2022 | ~1.1× | $29,000 | $17 | Luna/UST collapse — EV-basis bear trough |
| Jun 2022 | ~1.5× | $20,000 | $14 | BTC price trough — debt ($2.25B) held EV above BTC value |
| Nov 2022 | ~1.7× | $16,500 | $13 | FTX collapse · BTC cycle bottom |
| Jan 2024 | ~1.4× | $46,000 | $65 | Spot ETF launch — sell-the-news dip |
| Mar 2024 | ~1.6× | $71,000 | $133 | Pre-halving ATH |
| Nov 2024 | ~3.1× | $95,000 | $473 | Post-election peak · $7.3B debt + aggressive BTC buys |
| Nov 2025 | ~1.3× | $88,000 | $210 | mNAV compression · ATM flywheel near stall |
| Jan 2026 | ~1.1× | $95,000 | $200 | Recent low on EV basis · strategy.com ~1.0× |
Methodology: EV = (MSTR price × basic shares) + convert debt principal + preferred obligations − cash. mNAV = EV ÷ (BTC held × BTC price). Historical figures are approximations ±0.1× reconstructed from reported share counts, BTC holdings, MSTR price history (split-adjusted for Aug 2024 10-for-1 split), and convertible note issuance timeline. Live data: BTC from CoinGecko · MSTR from Yahoo Finance · Capital structure: 345M basic shares, $8.21B debt, $2.22B preferred, $46M cash, 761,068 BTC.