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Bitcoin treasury model's mNAV signal: Strategy at 1.06x, down from 3.89

8/30/2026

$1.06 is what investors now pay for every $1 of Bitcoin held by Strategy (NASDAQ: MSTR), an mNAV compressed from 3.89 in late 2024.

Bitcoin (CRYPTO: BTC) posted its best monthly performance since 2025, up 24% through Aug. 28, 2026, driven by a short squeeze and U.S. Treasury buybacks of long-term securities.

The rally has not restored the premium that once defined the Bitcoin treasury trade.

| Metric | Value | Period | |---|---|---| | Strategy mNAV (reported) | 1.06x | Current | | Strategy mNAV (reported) | 3.89x | Late 2024 | | BTC monthly return (reported) | +24% | Aug.