Here’s a question that should have a simple answer: what does mNAV mean? Jack Mallers, CEO of Twenty One and a leader in the digital asset treasury space, asked Michael Saylor exactly that at the BTC Prague 2026 conference. What followed was a nearly seven-minute response that left most people more confused than when they started.
To be fair, the concept is genuinely tricky. Strategy (formerly MicroStrategy) displays its mNAV right on its homepage — currently 1.18x. The company holds $52.9 billion in bitcoin against an enterprise value of $62.1 billion, giving it a 1.18x multiple. But here’s the catch: there’s no actual “net asset value” in the traditional sense. NAV is a regulated term for funds, not debt-laden corporations. Strategy essentially invented a metric to explain why its stock trades above the value of its bitcoin holdings, and mNAV was born.
Saylor’s rambling explanation went viral on X, racking up hundreds of thousands of views. Mallers later clarified he was asking genuinely, not trying to throw shade. But the clip highlights something the crypto world doesn’t love to admit: some of the metrics we use are made up on the spot, and even the people who invented them struggle to define them clearly.
