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![HermesLux Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1349508768346812420.png) Hermes Lux [@HermesLux](/creator/twitter/HermesLux) on x 11.3K followers
Created: 2025-07-21 10:23:40 UTC

I know a lot of people are having a hard time wrapping their head around how net asset values work. You can think of it in terms of the enterprise value, which you can also think of in terms of enterprise value per share, including Bitcoin per share. 

In my formula share count is not required as an independent variable since the mnav already takes into account current and future share dilution. 

It might be easier to understand if you just make the future mnav=1.


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**Related Topics**
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