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![hiyoko_peep Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1591165355753623552.png) Hiyoko₿ [@hiyoko_peep](/creator/twitter/hiyoko_peep) on x 6813 followers
Created: 2025-06-24 23:52:22 UTC

📊 How to Calculate mNAV (Multiples of Net Asset Value)

mNAV is defined by the following formula:

mNAV = (Stock Price × Shares Outstanding) ÷ (BTC Price × BTC Holdings) = Market Cap ÷ BTC NAV

This is the standard form of mNAV, expressed in fiat currency (like yen or USD).

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💡 What if you want to express it in BTC terms?

If you want to calculate BTC-denominated mNAV, simply divide both the numerator and denominator (i.e., Market Cap and BTC NAV) by the BTC price.

This eliminates fiat currency fluctuations and lets you evaluate everything from a Bitcoin-native perspective.
It’s especially useful for deriving theoretical values, as it removes any dependency on BTC’s price.

The simplified formula becomes:

BTC-denominated mNAV = BTC-denominated Market Cap ÷ Company’s BTC Holdings

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📘 Want to use Logarithms?

You can also take the base-10 logarithm of the mNAV:

Log₁₀(mNAV) = Log₁₀(Market Cap ÷ BTC NAV) = Log₁₀(Market Cap) − Log₁₀(BTC NAV)

This is handy when plotting mNAV over time, since it makes trends and slope changes more visible 📈✨

For BTC-based calculations:

BTC-based Log₁₀(mNAV) = Log₁₀(BTC-denominated Market Cap) − Log₁₀(Company’s BTC Holdings)

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🔍 What information do you need?

The three most important components are:

X. BTC Price → Get this from or CoinMarketCap

X. BTC Holdings → Check each company’s official website, investor relations (IR), or X (formerly Twitter)
　※ For Metaplanet, it’s super easy to copy & paste from their official site!

X. Market Cap → Use to view daily market cap trends for many companies around the world 🌍

All of this data is publicly available and completely free. Feel free to explore and use it! 🥰📊✨

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By putting it all together, you can easily generate graphs like the ones shown in Metaplanet’s official financial reports 👀📈

![](https://pbs.twimg.com/media/GuPzl3GbcAAmx3s.jpg)

XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1937660099981721791/c:line.svg)

**Related Topics**
[united states dollar](/topic/united-states-dollar)
[currency](/topic/currency)
[fiat](/topic/fiat)
[nav](/topic/nav)
[market cap](/topic/market-cap)
[stocks](/topic/stocks)
[alternative investment](/topic/alternative-investment)
[fund manager](/topic/fund-manager)

[Post Link](https://x.com/hiyoko_peep/status/1937660099981721791)