Strategy (MSTR) mNAV: worth less than its bitcoin since November 2025, or more, depending on the formula

mNAV compares what the stock market pays for a company with the value of the bitcoin it owns. Above 1, the shares are worth more than the bitcoin behind them; below 1, less. Strategy (formerly MicroStrategy) is the largest corporate holder of bitcoin, with 847,666 coins on September 27, 2026, and its mNAV is the number most often quoted for it. This series is rebuilt from 229 8-Ks, 19 10-Qs and 6 10-Ks filed from 2020 to October 1, 2026, with daily prices from Yahoo Finance.

Two versions of the same ratio

The simple version divides the market value of the shares by the value of the bitcoin. Strategy’s own definition, written in an 8-K of October 30, 2025, divides “Enterprise Value” instead — the market value of the shares plus the face value of the debt and of the perpetual preferred stock, less cash. Because debt and preferreds add $20.9 billion and cash subtracts $6.0 billion, Strategy’s version is higher: on October 2 the shares were worth less than the bitcoin (simple mNAV 0.94), while by the company’s formula the multiple was 1.15. Any chart of “Strategy below 1” is the simple version.

We applied Strategy’s written definition to the market data of November 28, 2025 and got 1.14; Strategy’s 8-K of December 1, 2025 showed “1.2x mNAV” for that date. The disclosed components do not explain the roughly 5% gap, and the slide does not show the calculation, so our figure is “by Strategy’s published definition,” not the official mNAV.

The peaks and the lows

The 2020 and 2021 figures need a caveat. MicroStrategy was then a software company with its own revenue, so part of its market value came from that business, and an mNAV of 6.2 does not measure only a premium for bitcoin. On November 20, 2024, the stock closed at $473.83 with bitcoin at $94,339 — an mNAV of 3.51.

The simple mNAV first spent a long stretch below 1 from January 21 to July 19, 2022 (123 trading days), and again in several stretches between September 2022 and April 2023. The current stretch began on November 12, 2025: of the 223 trading days through October 2, 2026, the ratio closed below 1 on all but two, May 8, 2026 (1.005) and May 11, 2026 (1.031). By Strategy’s definition the multiple stayed above 1 at every recent quarter-end: 1.04 in December 2025, 1.13 in March 2026 and 1.06 in June 2026.

The data shows the ratio, not the reason. Between June 26 and October 2, 2026, the stock went from $82.31 to $160.01 and bitcoin from $60,016 to $84,497, while the share count rose from about 362 million to 422 million as Strategy kept selling stock in the market.

Strategy sold bitcoin in 2026

For most of its history the bitcoin count only went up. In 2026 it went down for the first time, and the weekly 8-Ks say what for: the money paid dividends on the preferred stock and bought back shares of STRC, one of the preferred series.

Holdings fell from 847,363 bitcoin on June 28 to 840,447 on August 9, then climbed back to 847,666 by September 27. Strategy also repurchased 13.3 million STRC shares at $100 from July to September, which is why the preferred figure in the table above is lower than the $15.46 billion at June 30.

How to read it

• Always say which mNAV: the simple one is below 1, Strategy’s is above.
• The bitcoin count is the last one reported. Strategy reports on Mondays with Sunday’s position, so the current week’s purchases can be missing.
• Strategy’s closing price is at 4 p.m. New York time; the Yahoo bitcoin close is at midnight UTC.
• Share counts between two quarterly reports are estimated from the weekly at-the-market sales in the 8-Ks; after July 24, 2026 they may be low by up to 1.3%.

The same ratio for other companies that hold bitcoin is on the Bitcoin treasuries page, and daily data for Strategy is on the MSTR page. Not investment advice.