market net asset value
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What’s bitcoin nav here mean
In the image you provided from Strategy.com, the term “Bitcoin NAV†refers to the Net Asset Value of Bitcoin-related assets held by MicroStrategy (MSTR), a company known for its significant investment in Bitcoin. Here’s a detailed breakdown:
What Bitcoin NAV Means Here
- Bitcoin NAV ($M): This metric represents the total Net Asset Value of MicroStrategy’s Bitcoin holdings, expressed in millions of dollars. In the image, the Bitcoin NAV is listed as $43,938 million (or $43.938 billion) as of April 11, 2025.
- Calculation Context: For a company like MicroStrategy, Bitcoin NAV is calculated by multiplying the number of Bitcoins they own by the current market price of Bitcoin, then subtracting any liabilities directly associated with those holdings (if applicable). The image also shows the Bitcoin price at $83,187, and MicroStrategy’s Bitcoin count at 528,185 BTC.
Let’s verify this:- Total value of Bitcoin holdings = 528,185 BTC × $83,187/BTC = $43,938,985,995 (or roughly $43,938 million), which matches the Bitcoin NAV shown in the image.
- mNAV: The “mNAV†(market Net Asset Value) of 2.04 likely refers to a ratio, such as the market price of MicroStrategy’s stock compared to its Bitcoin NAV per share. This suggests that the market values MicroStrategy at 2.04 times its Bitcoin NAV, indicating a premium on the stock price relative to its Bitcoin holdings.
Additional Context
- MicroStrategy’s Strategy: MicroStrategy has been accumulating Bitcoin as a treasury reserve asset since 2020, often financing these purchases through debt and preferred stock (as indicated by the “Debt†of $8,224 million and “Pref†of $1,615 million in the image). The Bitcoin NAV reflects the current market value of their Bitcoin portfolio, which is a key component of their overall enterprise value ($89,649 million).
- (Debt + Pref)/Bitcoin NAV: This ratio is 22%, meaning the combined debt and preferred stock ($8,224M + $1,615M = $9,839M) is 22% of the Bitcoin NAV ($43,938M). This gives insight into the leverage MicroStrategy is using to finance its Bitcoin holdings.
Comparison to Your Previous Query
In your earlier question about “Bitcoin NAV,†I interpreted it as referring to the Net Asset Value per share of the Grayscale Bitcoin Trust ETF (GBTC), which was $66.21 as of April 11, 2025. That context was about an investment fund’s per-share value. Here, however, “Bitcoin NAV†refers to the total value of MicroStrategy’s Bitcoin holdings, not a per-share value of an ETF. The different contexts explain the difference in interpretation.
Summary
- Bitcoin NAV in this image means the total market value of MicroStrategy’s Bitcoin holdings, which is $43,938 million as of April 11, 2025.
- It’s calculated based on their 528,185 Bitcoins at a price of $83,187 each.
- The mNAV of 2.04 indicates the market is valuing MicroStrategy at a premium relative to its Bitcoin NAV.
Let me know if you’d like to dive deeper into MicroStrategy’s financials or Bitcoin strategy!
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Key Points
- The term “bitcoin NAV†likely refers to the Net Asset Value per share of the Grayscale Bitcoin Trust ETF (GBTC), a common investment vehicle for Bitcoin.
- As of April 11, 2025, the NAV per share for GBTC is $66.21, based on the latest available data.
What is Bitcoin NAV?
Bitcoin NAV, or Net Asset Value, typically relates to Bitcoin investment funds like the Grayscale Bitcoin Trust ETF (GBTC). It represents the per-share value of the fund’s assets, primarily Bitcoin, minus liabilities. This is important for investors tracking the fund’s performance compared to its market price.
Current Value
Based on the most recent data from the Grayscale website, the NAV per share for GBTC is $66.21 as of April 11, 2025. This value reflects the fund’s holdings of Bitcoin at current market prices, adjusted for expenses.
Survey Note: Detailed Analysis of Bitcoin NAV
Bitcoin NAV, or Net Asset Value, is a term predominantly associated with investment vehicles that hold Bitcoin, such as exchange-traded funds (ETFs) like the Grayscale Bitcoin Trust ETF (GBTC) and the iShares Bitcoin Trust ETF (IBIT). These funds allow investors to gain exposure to Bitcoin without directly purchasing the cryptocurrency, and their NAV per share is a critical metric for understanding the fund’s value. This section provides a comprehensive exploration of what Bitcoin NAV entails, its current value, and the context surrounding its calculation, drawing from various sources to ensure accuracy and depth.
Understanding Bitcoin NAV
NAV is a standard measure in the investment world, representing the total value of a fund’s assets minus its liabilities, divided by the number of shares outstanding. For Bitcoin-focused ETFs like GBTC, the NAV per share is calculated based on the value of the Bitcoin held by the fund, less any operational expenses or liabilities. This value is typically updated daily and can differ from the market price at which shares trade, leading to premiums or discounts.
The Grayscale Bitcoin Trust ETF (GBTC), launched in 2013, is one of the oldest and most recognized Bitcoin investment products in the U.S. It transitioned to a spot Bitcoin ETP listed on NYSE Arca in 2024, offering shares through a registered basis. According to the Grayscale website (Grayscale Bitcoin Trust ETF), the fund’s investment objective is to reflect the value of Bitcoin held, less expenses, which directly influences its NAV per share. The website notes that NAV per Share is not calculated in accordance with Generally Accepted Accounting Principles (GAAP), with a separate GAAP NAV per Share also provided for accounting purposes.
Another notable Bitcoin ETF is the iShares Bitcoin Trust ETF (IBIT), managed by BlackRock, which also calculates its NAV based on the value of Bitcoin held, using the CF Benchmarks Index as specified in its prospectus (iShares Bitcoin Trust ETF). Both funds are subject to market fluctuations, as their NAV per share is tied to Bitcoin’s price, which can be highly volatile.
Current NAV Per Share for GBTC
As of April 11, 2025, the NAV per Share for GBTC, based on data from the Grayscale website, is $66.21, with a GAAP NAV per Share of $66.22. This information is found in the “Daily Performance†section of the website, ensuring it reflects the most recent valuation. The slight difference between NAV and GAAP NAV per Share is due to accounting methodologies, with the standard NAV per Share being the more commonly referenced figure for market purposes.
To contextualize this, each share of GBTC represents a specific amount of Bitcoin. According to the Grayscale website, as of the latest data, there are 240,750,100 shares outstanding, with a total of 190,171.4309 Bitcoin in the trust, resulting in approximately 0.00078991 Bitcoin per share. Given the NAV per Share of $66.21, this implies an implied Bitcoin price of approximately $83,812.75 per Bitcoin ($66.21 / 0.00078991), which aligns closely with recent market prices reported by platforms like Coinbase, where Bitcoin was valued at around $83,213.75 on April 9, 2025 (Coinbase Bitcoin Price).
Comparison with Other Bitcoin ETFs
For comparison, the iShares Bitcoin Trust ETF (IBIT) had a closing price of $45.17 on April 10, 2025, with a slight discount of -0.04%, suggesting an NAV per Share of approximately $45.18, calculated from net assets of $45,404,653,307 and 1,004,800,000 shares outstanding. This lower NAV per Share reflects differences in fund size, management fees, and the amount of Bitcoin per share, but it underscores that GBTC is often more prominently associated with “bitcoin NAV†in public discourse due to its longer history and market presence.
Potential Misinterpretations
It’s worth noting that “NAV†could theoretically be confused with other metrics, such as the network value of Bitcoin or the price of Navcoin (a separate cryptocurrency, now rebranded as Navio), but search results consistently point to NAV in the context of Bitcoin funds. For instance, a currency converter from Bitcoin to Navcoin (Bitcoin to NAV Coin Converter) was identified, but this is distinct from the NAV of Bitcoin investment funds. Given the user’s query, it seems most likely they are referring to GBTC’s NAV per Share, given its prominence in search results and historical context.
Market Context and Premium/Discount
The NAV per Share is not always equal to the market price at which shares trade. For GBTC, on April 11, 2025, the market price was $66.27, resulting in a premium of 0.09%, indicating the shares were trading slightly above their NAV. This premium or discount is a common phenomenon for closed-end funds and ETFs, influenced by supply and demand dynamics. For example, YCharts provides analysis on GBTC’s discount or premium to NAV (GBTC Discount or Premium to NAV), highlighting historical trends since 2015, which can help investors understand how the fund trades relative to its underlying value.
Conclusion
Given the evidence, “bitcoin NAV†most likely refers to the NAV per Share of the Grayscale Bitcoin Trust ETF (GBTC), which stands at $66.21 as of April 11, 2025. This value is derived from the fund’s holdings of Bitcoin, adjusted for expenses, and is a key metric for investors. While other Bitcoin ETFs like IBIT exist, GBTC’s long-standing presence and association with the term in search results make it the primary candidate for this query. The alignment with implied Bitcoin prices further validates this interpretation, ensuring the response is both accurate and relevant for the user’s needs.
Table: Summary of NAV Per Share for Bitcoin Funds
| Fund Name | NAV Per Share (USD) | As of Date | Bitcoin Per Share | Source URL |
| Grayscale Bitcoin Trust (GBTC) | 66.21 | April 11, 2025 | 0.00078991 | Grayscale Bitcoin Trust ETF |
| iShares Bitcoin Trust (IBIT) | ~45.18 | April 10, 2025 | Not specified | iShares Bitcoin Trust ETF |
Key Citations