Micro Strategy MSTR into Bitcoin New Indicator, mNAV Premium Ratio and Tracking Site Introduction

As the Bitcoin market continues to evolve, hedge funds are gradually becoming the dominant players in this financial game. MicroStrategy ( now called: Strategy), as a highly leveraged alternative to Bitcoin, also operates through market mispricing and has become an important indicator for arbitrage or observation in the market. This article describes a few useful metrics and related tracking sites.

( Bitcoin and MicroStrategy: the new favorite of hedge funds, the game of market arbitrage is changing )

MicroStrategy official website: Strategy.com

Micro Strategy, a self-proclaimed Bitcoin development company (MicroStrategy) announced a rebranding of its business under the name "Strategy" and also took the opportunity to launch a new website that provides Strategy's real-time financial information and metrics.

The main page provides information about its stock MSTR, including stock price, market capitalization, 30-day average trading volume, and three-month and one-year returns. It also provides the total number of bitcoins owned by the company, as well as the value of bitcoins. Among them, the author believes that the most important indicator is mNAV, and its factors include:

Enterprise Value Enterprise Value: Market value of shares + total liabilities ( including convertible debt and preferred stock Pref)

Bitcoin NAV: The market cap of its Bitcoin holdings

mNAV=Enterprise Value÷Bitcoin NAV

This indicator can represent the ratio of the current share price to the value of its Bitcoin ownership, not only as a premium indicator of its share price, but also as a sentiment ball in the crypto market.

MSTR-tracker

Another website that I find very useful is mstr-tracker.com, which also has various data and metrics at the top of the main page, and it also calculates metrics similar to mNAV, called NAV Premium, but the algorithm is slightly different. It is used directly

NAV premium=Market Cap ( ) of the value of Bitcoin held by Bitcoin NAV ( ) ÷

NAV premium excludes convertible bonds and preferred shares. Both NAV premium and mNAV use the existing number of shares outstanding, excluding shares that may be converted at a later date.

Chain News also previously published a special article analyzing how to evaluate these Bitcoin reserve strategy companies, and one of the key indicators is the P/B ratio, which is also the same concept as NAV Premium.

(Strategy leading the way, this article explains the Bitcoin Reserve Strategy Company Investment Guide )

The benefit of mstr-tracker is the provision of historical data charts, especially NAV Premium's data since August 2020, which shows that in the early days of Strategy's purchase of Bitcoin, the premium was as high as more than six times, and since 2021, the premium has been below 2 for a long time, and once soared to 3.1 last November.

However, it is a pity that this chart is not accompanied by a Bitcoin chart. If combined with the trend of bitcoin, it can be seen that the recent low of the premium fell at the beginning of 2025 pointed by the purple arrow ( premium was 1.685) and 1.431 in early March, which may reflect the low price and market sentiment. And the premium at the high red arrow also indicates that market optimism is spreading.

Chain News has also previously analyzed that the issuance time of micro-strategy convertible bonds is when the stock price of micro-strategy is significantly higher than the price of bitcoin, and we can speculate:

Pricing options at the same time as high stock prices allows the conversion price to be set at a relatively high point, and the price of options rises under the enthusiasm of the market, so that funds can be obtained at almost zero cost.

( micro strategy to issue convertible bonds, low interest rate, high stock price conversion price, what is the principle of operation? )

( Learn MicroStrategy from Zero: A ( of the Transformation from Business Intelligence )BI) to Bitcoin Empire

This article MicroStrategy MSTR into Bitcoin New Indicator, mNAV Premium Ratio and Introduction to Tracking Sites first appeared in Chain News ABMedia.