Fund assets minus liabilities, usually expressed per share at a specified valuation time.
Net asset value is best understood as part of a system rather than as an isolated definition. Its related coordinates show the mechanisms, incentives and historical records that give the term practical meaning.
Net asset value describes how participants value, trade or obtain exposure to bitcoin. Market behavior can affect adoption and mining economics, but it does not rewrite consensus rules. Price evidence and protocol evidence answer different questions.
Understanding Net asset value helps distinguish a verifiable Bitcoin mechanism or historical record from slogans, products and market narratives.
For the clearest picture, read this entry together with Spot Bitcoin ETP, ETF premium and discount, ETF creation and redemption, Tracking error, Market-to-NAV multiple. The reverse links also lead from Market-to-NAV multiple, ETF creation and redemption, ETF premium and discount, Tracking error.
Linked to related atlas coordinates
Grounded in a source record
Explains function and trade-offs
Part of the open Bitcoin knowledge graph