÷ (Total BTC × Price)
÷ (Common Equity BTC × Price)
÷ (Total BTC × Price)
A dash means the value cannot be computed yet: the company has no live stock price, or common equity BTC exposure is zero at the current BTC price.
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), the price a buyer of the whole company would pay per BTC. CEBE mNAV adjusts the denominator instead, pricing market cap against only the BTC that 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 a 30% Senior Claims % is 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, Claims % 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 →