Core Thesis This essay unpacks the valuation logic of MicroStrategy (MSTR) and, by extension, every corporation that treats bitcoin as its primary treasury asset. It argues that traditional metrics fall short and proposes mNAV—market-to-net-asset-value ratio—as the new yardstick for these “bitcoin-native” balance sheets.Traditional Yardsticks vs. Bitcoin Companies In legacy equities, free-cash-flow-per-share (FCF/Share) is the North Star. In bitcoin-treasury companies, the equivalent is bitco...
