{"id":22328,"date":"2026-09-09T16:02:13","date_gmt":"2026-09-09T16:02:13","guid":{"rendered":"https:\/\/cryptozen.asia\/id\/apa-itu-mnav-cara-menilai-perusahaan-perbendaharaan-bitcoin\/"},"modified":"2026-09-09T16:02:13","modified_gmt":"2026-09-09T16:02:13","slug":"apa-itu-mnav-cara-menilai-perusahaan-perbendaharaan-bitcoin","status":"publish","type":"post","link":"https:\/\/cryptozen.asia\/id\/apa-itu-mnav-cara-menilai-perusahaan-perbendaharaan-bitcoin\/","title":{"rendered":"Apa Itu mNAV? Cara Menilai Perusahaan Perbendaharaan Bitcoin"},"content":{"rendered":"<h2>Membeli Saham di Perusahaan Perbendaharaan Bitcoin<\/h2>\n<p><strong>Membeli saham di perusahaan perbendaharaan Bitcoin<\/strong> berbeda dengan membeli Bitcoin secara langsung. Salah satu cara paling sederhana bagi investor untuk memahami perbedaan ini adalah melalui <strong>mNAV<\/strong>, sebuah pengganda penilaian yang membandingkan nilai pasar perusahaan dengan nilai Bitcoin yang dimilikinya. Secara sederhana, <em>mNAV sebesar 1.0x<\/em> menunjukkan bahwa perusahaan dinilai sejalan dengan nilai perbendaharaan Bitcoin-nya. Sebaliknya, <em>mNAV sebesar 1.5x<\/em> berarti investor memberikan nilai perusahaan sebesar $1.50 untuk setiap $1 Bitcoin yang dimiliki, sementara <em>mNAV 0.8x<\/em> menunjukkan adanya diskon. Konsep ini semakin penting seiring dengan meningkatnya akumulasi cadangan BTC oleh perusahaan publik.<\/p>\n<h2>Peringkat Perusahaan Perbendaharaan Bitcoin<\/h2>\n<p>Peringkat perusahaan perbendaharaan Bitcoin oleh <strong>Coinpaper<\/strong> menunjukkan bagaimana perusahaan seperti <strong>Strategy<\/strong>, <strong>Metaplanet<\/strong>, dan lainnya telah mengubah neraca mereka menjadi jalur alternatif untuk mendapatkan eksposur terhadap Bitcoin. Namun, ada komplikasi penting: <strong>mNAV tidak memiliki satu rumus yang diterima secara universal<\/strong>. Versi sederhana dari mNAV dihitung dengan membagi kapitalisasi pasar ekuitas dengan nilai pasar Bitcoin yang dimiliki: <em>mNAV = Nilai pasar perusahaan \u00f7 Nilai kepemilikan Bitcoin<\/em>. Versi yang lebih komprehensif menambahkan utang dan saham preferen serta mengurangi kas sebelum membandingkan perusahaan dengan kepemilikan BTC-nya.<\/p>\n<h2>Metodologi mNAV<\/h2>\n<p><strong>BitcoinTreasuries.net<\/strong> saat ini menggunakan mNAV nilai perusahaan untuk perusahaan perbendaharaan Bitcoin yang didedikasikan: <em>(Kapitalisasi pasar + utang + saham preferen \u2212 kas) \u00f7 Bitcoin NAV<\/em>. Strategy menggunakan metodologi per sahamnya sendiri, mendefinisikan mNAV sebagai harga saham MSTR dibagi dengan <strong>Net Bitcoin Per Share<\/strong>-nya, yang menyesuaikan dukungan Bitcoin untuk klaim senior dan aset dolar AS. Strategy juga memperingatkan bahwa mNAV-nya bukanlah NAV akuntansi tradisional. Sebuah premi dapat muncul karena investor bersedia membayar lebih dari saldo Bitcoin saat ini.<\/p>\n<h2>Penerbitan Saham dan Penggalangan Modal<\/h2>\n<p>Perusahaan perbendaharaan yang diperdagangkan di atas NAV berpotensi menerbitkan saham baru pada premi tersebut dan menggunakan hasilnya untuk membeli Bitcoin tambahan. Jika dilakukan dengan efisien, ini dapat meningkatkan jumlah Bitcoin yang mendukung setiap saham yang ada. Mekanisme penggalangan modal ini membantu mendefinisikan model Strategy. Coinpaper telah mendokumentasikan bagaimana perusahaan tersebut berulang kali menggunakan penerbitan ekuitas untuk mendanai pembelian BTC. Per 7 September, Strategy memegang sekitar <strong>845.050 BTC<\/strong>, yang diperoleh seharga $63,73 miliar dengan harga rata-rata $75.412, menurut pengajuan SEC terbarunya. <em>mNAV-nya baru-baru ini berada di sekitar 1.14x<\/em>, menunjukkan premi kecil terhadap Bitcoin NAV, meskipun angka pastinya terus berubah seiring dengan fluktuasi harga MSTR dan Bitcoin.<\/p>\n<h2>Analisis mNAV di Bawah 1.0x<\/h2>\n<p><em>mNAV di bawah 1.0x<\/em> tidak secara otomatis berarti saham tersebut murah. Pasar mungkin mendiskontokan utang, kewajiban saham preferen, risiko dilusi, manajemen yang lemah, atau kemungkinan bahwa perusahaan pada akhirnya akan menjual Bitcoin. Metaplanet, misalnya, baru-baru ini diperdagangkan di sekitar <em>0.97x mNAV<\/em>, yang berarti penilaiannya kira-kira sejalan dengan atau sedikit di bawah nilai perbendaharaan Bitcoin-nya. Keruntuhan premi saham perbendaharaan telah merugikan investor. Coinpaper sebelumnya telah memeriksa bagaimana premi perbendaharaan Bitcoin dapat menghilang ketika pasar modal menjadi kurang mendukung. Strategy juga telah memperluas alat keuangannya di luar pembelian Bitcoin yang sederhana, termasuk utang, sekuritas preferen, dan bahkan potensi penjualan BTC untuk mendukung likuiditas. Struktur yang berubah ini dibahas dalam analisis Coinpaper tentang strategi Bitcoin-nya yang berkembang.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Membeli Saham di Perusahaan Perbendaharaan Bitcoin Membeli saham di perusahaan perbendaharaan Bitcoin berbeda dengan membeli Bitcoin secara langsung. Salah satu cara paling sederhana bagi investor untuk memahami perbedaa&#8230;<\/p>\n","protected":false},"author":3,"featured_media":22327,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[4225,9568,11012,4907,6053,4232],"class_list":["post-22328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcointreasuries","tag-coinpaper","tag-metaplanet","tag-mstr","tag-strategy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Apa Itu mNAV? 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