The mNAV, or market-cap-to-net-asset-value multiple, is a crucial metric for evaluating digital asset treasuries. It allows investors to determine if a stock is trading at a discount or premium compared to the crypto assets a company holds. The calculation of mNAV can vary significantly depending on the method used—realized, realistic, or maximum—resulting in different valuations. The HYPE DAT ecosystem serves as a case study, illustrating how these varying methods can impact mNAV values. Investors are cautioned against using inconsistent or outdated data sources like Yahoo Finance for these calculations. Instead, reliable sources such as SEC filings or DeFiLlama are recommended for accurate mNAV assessments.