What Is EV/mNAV? Enterprise Value to mNAV Ratio

What Is EV/mNAV?

EV/mNAV compares a company's total enterprise value to the market value of its crypto holdings. It extends mNAV by accounting for debt and cash, making it more useful for companies that borrow to fund crypto purchases.

How to Calculate EV/mNAV

If a company has a $100B market cap, $5B in long-term debt, $1B cash, and $40B in BTC, its EV is $104B and EV/mNAV is 2.6x.

DATFlow calculates two variants:

• Basic EV/mNAV — uses basic shares outstanding for market cap
• Diluted EV/mNAV — uses diluted shares (including convertible notes and options), giving a worst-case view of the full capital structure

EV/mNAV vs. mNAV

The key difference is how each handles leverage:

• mNAV only considers equity (market cap). A company that borrows $5B to buy BTC looks the same as one that used cash
• EV/mNAV includes debt obligations. The company that borrowed shows a higher ratio because investors bear the debt risk alongside the crypto exposure

For debt-free companies, mNAV and EV/mNAV are nearly identical. The gap widens for companies that use convertible notes, ATM offerings, or other leveraged strategies to accumulate crypto.

When to Use Each

• mNAV — quick screen for premium/discount relative to holdings. Good for comparing equity-only exposure
• EV/mNAV — fuller valuation that reflects the true cost of the treasury strategy, including debt used to finance acquisitions

Most institutional investors prefer EV/mNAV when evaluating companies with significant leverage, as it reveals the full capital structure behind the crypto position.