The multiple-to-net asset value (mNAV) is a financial ratio that compares a company’s market capitalization to the dollar value of its Bitcoin holdings and helps measure its relative valuation.

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The firm’s mNAV, or multiple-to-net asset value, was recently 1.07. That means the company’s $498.5 million enterprise value—accounting for Semler’s market cap, debt, and cash balance—was slightly above that of its 4,449 Bitcoin worth $466 million.

mNAV is a metric that measures a company’s market value divided by its Bitcoin NAV. An mNAV greater than 1.0 indicates are paying a premium to access equity-based Bitcoin exposure. An mNAV below 1.0, on the other hand, indicates that the company’s shares are trading below its Bitcoin holdings.