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mNAV (Fully Diluted): The Company's fully diluted market cap divided by the value of crypto asset holdings. In addition to outstanding shares, the fully diluted mNAV also accounts for shares that may be issued via warrants (e.g., pre-funded or stapled), RSUs, stock options, or convertible debt.

This figure can be calculated using either the market capitalization or the enterprise value. Some Companies may hold a considerable amount of cash that has not yet been deployed into crypto, which the EV calculation highlights. EV is determined as the market cap, plus debt, less cash, plus preferred equity.