#mnav

#mnav

It adjusts the company's holdings to the current market price of bitcoin, accounts for liquid cash and debt, and factors in share dilution. mNAV provides a clearer picture of a bitcoin treasury company's true financial position than conventional accounting standards. It has become the standard tool for evaluating corporate bitcoin strategies because it centers the analysis on bitcoin itself, rather than legacy accounting conventions that can distort value.

The Digital Asset Treasury (DAT) strategy has moved from an experiment to a consensus playbook for public companies seeking balance-sheet exposure. Digital Asset Treasuries are listed companies that accumulate tokens as treasury assets, using the stock market's financing power to steadily increase onchain holdings. In its half-year report, HTX research breaks down how the DAT strategy has become the industry standard, how perpetual aggregators ballooned, how stablecoins remain a dominant narrative, and more.