mNAV Ratio

Definition ∞ The mNAV Ratio compares the market price of a closed-end fund or similar investment vehicle to its underlying net asset value (NAV). This metric indicates whether the fund is trading at a premium or discount relative to the value of its holdings. It provides insight into investor sentiment and demand for the specific asset exposure offered by the fund. A ratio above one indicates a premium, while below one suggests a discount.
Context ∞ News about digital asset investment products, particularly Bitcoin trusts or similar structures, often references the mNAV Ratio. Analysts use this ratio to gauge market perception and liquidity for institutional crypto investment vehicles. Fluctuations in the mNAV Ratio can signal shifts in investor confidence or supply and demand dynamics. It offers a valuable data point for evaluating the efficiency of these investment products.