mNAV 是"市值 ÷ 资产净值"的比值，专门用来衡量一家把比特币当主要储备资产的上市公司，其股价相对于账面上持有的比特币价值高出了多少倍。mNAV (market-to-net-asset-value) is the ratio of a company's market cap to the net value of the Bitcoin (or crypto) it holds on its balance sheet, showing how much of a premium the stock trades at over its underlying crypto holdings.
mNAV 大于 1，说明市场愿意为这家公司的股票多付钱，超出部分反映了投资者对其融资能力、管理层声誉或未来持续买币的预期；mNAV 越高，股价对比特币本身的价格就越"贵"，两者之间的落差也越大。When mNAV is above 1, the stock trades at a premium to the company's crypto holdings — that gap reflects what the market is willing to pay for things like the company's ability to raise capital, its management reputation, or expectations of future Bitcoin accumulation; the higher the mNAV, the more the stock price has drifted above the raw value of the coins on the balance sheet.