Most people quoting $MSTR “mNAV” are using FDMC / NAV, which only measures the premium at the equity layer. But MSTR isn’t a pure BTC ETF like $IBIT. It’s equity + converts + preferred + warrants. Using Artemis’ Fully Diluted EV / NAV framework: EV = equity value (shares + warrants + convert shares) + total debt – cash On this basis, EV/NAV is still above 1.0x, meaning the entire capital stack trades rich to the underlying BTC. If you want the true “mNAV,” don’t stop at market cap. Use EV/NAV. Premiums in DATs can come from two places: superior active management and capital structure design. Full dashboard: