[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Ragnar [@RoaringRagnar](/creator/twitter/RoaringRagnar) on x 9476 followers Created: 2025-07-10 19:46:39 UTC It's the way $MSTR and $MTPLF are doing it. Else my results would differ materially from their dashboards, which is the most common question I get. Below are the relevant screenshots. The main reason is that I want to show the lowest possible mNAV, based on the basic shares outstanding. This mNAV is the relevant metric for capital market decisions. For example: If the basic mNAV is 1x but the fully diluted mNAV is 2x, that doesn't mean that they can accretively issue new shares, because all shares above 1x mNAV in the fully diluted number do not exist yet and are not reflected in the current market cap. I spoke long with @RichardByworth about this and came to the conclusion, that this makes sense. Keep in mind that BTC Yield is still calculated based on the assumed fully diluted share count, which makes sense. Again, this is the way $MSTR and $MTPLF are doing it, see screenshots.  XXXXX engagements  **Related Topics** [mstr](/topic/mstr) [stocks](/topic/stocks) [$mstr](/topic/$mstr) [strategy](/topic/strategy) [stocks financial services](/topic/stocks-financial-services) [stocks technology](/topic/stocks-technology) [stocks bitcoin treasuries](/topic/stocks-bitcoin-treasuries) [$mtplf](/topic/$mtplf) [Post Link](https://x.com/RoaringRagnar/status/1943396469198991767)
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Ragnar @RoaringRagnar on x 9476 followers
Created: 2025-07-10 19:46:39 UTC
It's the way $MSTR and $MTPLF are doing it. Else my results would differ materially from their dashboards, which is the most common question I get.
Below are the relevant screenshots.
The main reason is that I want to show the lowest possible mNAV, based on the basic shares outstanding.
This mNAV is the relevant metric for capital market decisions.
For example:
If the basic mNAV is 1x but the fully diluted mNAV is 2x, that doesn't mean that they can accretively issue new shares, because all shares above 1x mNAV in the fully diluted number do not exist yet and are not reflected in the current market cap.
I spoke long with @RichardByworth about this and came to the conclusion, that this makes sense.
Keep in mind that BTC Yield is still calculated based on the assumed fully diluted share count, which makes sense.
Again, this is the way $MSTR and $MTPLF are doing it, see screenshots.
XXXXX engagements
Related Topics mstr stocks $mstr strategy stocks financial services stocks technology stocks bitcoin treasuries $mtplf