Seems like there has been quite a bit of discussion today, in different places, about mNAV and we have also had questions following our decision yesterday to focus on "Fully Diluted EV vs BTC Value".
A few things that are worth expanding on.
I believe that for Smarter Web,
At @smarterwebuk we think "mNAV" creates confusion and non-standardisation.
To date, treasury companies have used varying definitions of "mNAV." For the numerator, some use Market Cap while others use Enterprise Value. For the denominator, some use Net Asset Value while others
