Forward mNAV

Forward mNAV stands for hypothetical market Net Asset Value if a company converted all its available cash into bitcoin at the current market price. It’s a forward-looking measure, reflecting what the company’s net asset value would be—not just with the BTC currently in the treasury, but by also including the cash reserves as if they were immediately swapped for bitcoin. Definition: The dollar value of all BTC the company would have if all liquid cash was used to buy bitcoin right now.

Formula: Forward mNAV = (BTC in Treasury + [Cash ÷ BTC Price]) × BTC Price

Why Is Forward mNAV Important?

Standardizes Exposure: It allows investors to compare different bitcoin treasury companies as though they were all “all-in” on bitcoin—leveling out differences between conservative (high cash) and aggressive (fully allocated to BTC) companies.

Stress Tests BTC Leverage: Investors can see what full bitcoin exposure would look like and evaluate upside potential—or downside risk—depending on how the company allocates its resources.

Reveals Potential Strategy: Companies may choose to keep more cash for flexibility or risk management; a high Forward mNAV compared to current value suggests significant latent bitcoin-buying power.