What is mNAV?

mNAV ("multiple of net asset value") compares what the market values the company at with the value of what it owns.

The company's definition

SWC's announcements define it as Enterprise Value ÷ Net Asset Value:

• Enterprise value (EV) = share price × fully-diluted shares + debt − treasury cash
• Net asset value (NAV) = bitcoin held × bitcoin price + treasury cash − debt

An mNAV of 1.0× means the market values the company at exactly its net bitcoin. Above 1.0× is a premium, below is a discount.

The dashboard headline

The company's analytics page leads with fully-diluted EV ÷ BTC value, which ignores cash and debt in the denominator. swc.guru shows both, labelled.

"Simple" mNAV

Many third-party trackers use market cap ÷ BTC value with their own share counts. That is why numbers differ between sites.

Why it matters

When mNAV is above 1×, issuing new shares to buy bitcoin *increases* bitcoin per share for existing holders. Below 1×, it dilutes them.