About this Chart

The multiple to NAV (mNAV) is calculated in two different ways:

mNAV (Market Cap): the company's market cap divided by the value of crypto asset holdings. mNAV (Enterprise Value): the company's enterprise value (market cap + total debt - cash)/value of crypto asset holdings The aggregate mNAV is calculated by grouping treasury companies by the crypto asset accumulated.

Note: For companies with pending mergers, any market cap and mNAV metrics may not accurately represent the soon-to-be merged entity. This includes CEP, CEPO, and DYNX.

Equity market data sourced from Polygon. Outstanding shares are updated weekly.