Short answer: none of the three is an exit on its own. They measure different things, and the one that matters most for Strategy's model is the premium.
The stock price is what a holder would actually receive if they sold shares, so it's the number a sale depends on. It reflects the market's view of everything: the bitcoin, the debt and preferred stock ahead of common shares, and the business.
The bitcoin price sets the value of the holdings, but it doesn't set the stock price. The stock can move more or less than bitcoin, and in either direction.
The mNAV is roughly the company's market value divided by the value of its bitcoin (after debt and preferred stock, if you use the enterprise version). Above 1, investors pay more than the bitcoin is worth. That premium is what lets Strategy sell new stock or convertible debt and buy more bitcoin without diluting the bitcoin per share. When the premium shrinks toward 1 or below, that funding route narrows, which is why the strategy's own filings and critics both focus on it. The arithmetic is simple: mNAV = (market cap) ÷ (BTC holdings × BTC price), and each input needs a dated source.
For a current mNAV, the live MSCI decision and the bitcoin price, see the discussion in MSCI proposal puts Strategy and other bitcoin treasury firms at ris… and Seventeen Billion Reasons They're Still Not In. MSCI's final list is due Nov. 11, with rules taking effect after the close on Nov. 30 (as reported in that thread). I can't say which metric to watch for any personal decision, and this isn't investment advice.
Also discussed here:
- MSCI proposal puts Strategy and other bitcoin treasury firms at ris…
- Liquid Reopens the Exit. The Vault Is Still 602 Bitcoin Short.
- What is bitcoin price now
🕒 As of October 2026
