Mkt Cap mNAV is the simplest form — market cap against total BTC value. It ignores the capital structure entirely, treating all BTC as belonging to common equity. Enterprise mNAV adds back debt and preferred stock to market cap (EV perspective) — it's what a buyer of the whole company would pay per BTC. CEBE mNAV adjusts the denominator instead, pricing market cap against only the BTC that actually belongs to common shareholders after senior claims.
The relationship between the three: for leveraged companies, EV mNAV > Mkt Cap mNAV (EV is larger than market cap). CEBE mNAV > Mkt Cap mNAV because the denominator shrinks when you net out claims. A company at 1.5x Mkt Cap mNAV with 30% drag is actually at ~2.1x CEBE mNAV — you're paying 40% more per sat of real exposure than the headline implies.
The gap compresses as BTC rises (fiat claims shrink in BTC terms, drag falls, the two mNAVs converge) and expands as BTC falls. For companies with BTC-denominated or collateral-backed claims, the gap stays wide regardless of price. Read the full framework →