mNAV (market-to-net-asset-value)
Market capitalization divided by the value of a company's net assets, most often a holding company's main asset such as bitcoin.
mNAV compares what the market pays for a company with the value of the assets it holds, net of liabilities. Above 1 means the shares trade at a premium to the holdings; below 1 means a discount. It is used mainly for holding companies, such as bitcoin treasury companies and other asset-holding vehicles.
The result depends on how the company values its holdings and which liabilities it deducts, so state the definition used. Traders care because a premium lets a company issue shares to buy more of the asset in a way that can raise net asset value per share. A discount can prompt buybacks or asset sales.
Worked example (illustrative numbers, not real data): market capitalization is 1.5 billion dollars and net assets are 1.0 billion, so mNAV is 1.5. If the company issues 0.3 billion dollars of new shares at market and buys assets worth 0.3 billion, net asset value per share rises by about 8 percent, all else equal.