Understanding mNAV: Bitcoin Treasury Analysis & Limitations for BTC Investors

mNAV (market-adjusted Net Asset Value) provides crucial insights into Bitcoin treasury companies' financial health by evaluating their BTC holdings at market prices. This metric helps investors assess companies like MicroStrategy and Tesla that hold significant Bitcoin reserves. However, mNAV has limitations - it doesn't account for corporate debt, operational costs, or future growth potential. While useful for tracking Bitcoin exposure, investors should consider additional financial metrics for comprehensive analysis of these BTC-heavy corporations.