About this Chart

• mNAV (Outstanding): the company's market cap divided by the value of crypto asset holdings. Often called Basic mNAV, it is the most simplistic way to track the multiple the company trades at relative to its crypto assets held. This figure can be calculated using both the market cap and the enterprise value. Some Companies may hold a considerable amount of cash that has not yet been deployed into crypto, which the Enterprise Value calculation highlights.
• mNAV (Fully Diluted): the company's enterprise value (market cap + total debt - cash)/value of crypto asset holdings. In addition to outstanding shares, the fully diluted mNAV also accounts for shares that have been granted via warrants (e.g., pre-funded or stapled), RSUs, stock options, or convertible debt. This figure can be calculated using both the market cap and the enterprise value. Some Companies may hold a considerable amount of cash that has not yet been deployed into crypto, which the Enterprise Value calculation highlights.

The number of shares of common stock, the latest cash balance, the total debt, and the amount of crypto held are updated as frequently as the Company's announcements allow, relying only on SEC filings and official Company press releases.