mNAV

mNAV is the issuer's own metric. Strategy defines it as "a market-derived ratio, expressed as a multiple, equal to the market price per share of the Company's class A common stock … divided by the Company's Net Bitcoin Per Share (in USD)" (FWP, 24 August 2026).

The formula

• Net BTC = bitcoin held, minus (in bitcoin terms at the Coinbase price) the notional amount of out-of-the-money convertible notes and other debt-like instruments, minus the notional amount of perpetual preferred stock (excluding in-the-money STRK), plus USD Assets.
• Net Bitcoin Per Share (USD) = dollar value of Net BTC ÷ Fully Diluted Shares Outstanding. That share count includes only in-the-money convertibles.
• mNAV = MSTR price ÷ Net Bitcoin Per Share (USD).

An mNAV above 1 means the market values MSTR above its per-share bitcoin after senior claims. An mNAV below 1 means it values MSTR below that.

Reported figure

Using the 21 August 2026 close of $119.25, Strategy showed an mNAV of 1.01x (FWP, 24 August 2026). At the same snapshot, it reported a Net Reserve of $49.68bn after deducting $6.75bn of debt and $14.97bn of preferred stock.

Definition changed on 23 July 2026

Strategy states that before 23 July 2026, "mNAV" referred to a different metric, and that earlier figures "are not comparable". Older press coverage and charts may use the earlier definition.

Relevance to preferred holders

mNAV is a common-equity metric. It matters to preferred holders indirectly. When mNAV is high, Strategy can raise money by selling common stock through its ATM programme, and it has used common sales to fund the USD Reserve and STRC repurchases. Strategy cautions that despite the label, mNAV "is not equivalent to 'net asset value'" in the traditional sense.

What to check in the filing

• Which definition (before or after 23 July 2026) is in use
• The bitcoin price, share count and claims used
• The issuer's disclaimers on the metric