What is mNAV? How to calculate and trade it? Your DefiLlama guide to the metric for digital asset treasuries [Yahoo! Finance]
Lion Group Holding Ltd. - American Depositary Share (LGHL)
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Source: Yahoo! Finance
But investors are calculating the same metric called mNAV in such different ways that this has created a hall of mirrors where the same stock can look like a 90% discount or a 500% premium. The problem isn't trivial since investors are making million-dollar-bets based on data that's off by multiples. The article below written by pseudonymous DefiLlama analyst Meta explains how to make sense of this complex metric and trade it accurately. What is mNAV? mNAV is short for market-cap-to-net-asset-value multiple. It tells you how much equity value you're paying for every $1 of crypto the company holds. mNAV = Fully Diluted MarketCap ÷ Treasury Value (USD) 0.5x means you're paying 50 cents for every $1 of tokens. That's a discount. 1.0x means the company's marketcap equals its treasury holdings. That's equal value. 3.0x means you're paying $3 for every $1 of tokens. That's a premium. We run it three ways: Realized : shares that exist today Realistic : realized plus in
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LGHL
News
- Lion Group Holding Ltd Announces $10 Million Private Placement for the acquisition of Bitcoin (BTC)PR Newswire
- Lion Group (NASDAQ:LGHL) had its "sell (e)" rating reaffirmed by analysts at <a style="font-weight:bold" href="https://weissratings.com/">Weiss Ratings</a>.MarketBeat
- Lion Announces Plan to Implement ADS Ratio ChangePR Newswire
- Lion Group (NASDAQ:LGHL) had its "sell (e+)" rating reaffirmed by analysts at <a style="font-weight:bold" href="https://weissratings.com/">Weiss Ratings</a>.MarketBeat
- Lion Group Holding Limited Announces Strategic Exchange of SUI (Sui) Assets to HYPE (Hyperliquid) through BitGoPR Newswire
LGHL
Sec Filings
- 12/4/25 - Form 6-K
- 11/12/25 - Form F-3/A
- 10/31/25 - Form 6-K
- LGHL's page on the SEC website