Read the machine.
Machine Net Asset Value adapts the treasury-company framework to crypto-native rails. Pump.fun creator fees capitalize a public Hyperliquid desk; Solana publishes the resulting NAV, mNAV and profit-funded $MNAV buybacks.
Michael Saylor's Strategy—formerly MicroStrategy—is the world's first and largest Bitcoin Treasury Company. It uses equity and credit markets to acquire Bitcoin and seeks to increase net Bitcoin per share. Strategy defines mNAV as MSTR price divided by net Bitcoin per share, revealing the market-implied premium or discount to that treasury.
MNAV replaces corporate fundraising with Pump.fun creator fees, Bitcoin with a public HYPE trading desk, and quarterly disclosure with continuous machine receipts. Here, mNAV is $MNAV circulating market cap divided by the machine's marked net assets.
Market risk. The desk can lose. The 10% drawdown halt limits new risk; it cannot make losses impossible.
Settlement risk. Unit, Hyperliquid, Solana RPC, Pump, and Jupiter are named dependencies. Ambiguity halts the route.
Token risk. mNAV measures backing versus market cap. It is not a redemption right and does not guarantee a price floor.
The production machine begins at $0. A disclosed 0.02 SOL transaction reserve may pay network fees but is excluded from NAV and never counted as machine assets.
Hyperliquid perps equity + Hyperliquid spot value + machine-custody SOL + buyback-settlement SOL, all marked in USD.
Machine NAV divided by circulating supply.
$MNAV circulating market cap divided by machine NAV. It is a valuation output, not a strategy signal.
The first creator-fee claim fires at 0.1 SOL. Claimed capital stages until at least 0.12 SOL is routeable through Unit above the reserve.
The settlement rail used to move SOL value between Solana and Hyperliquid.
A 15-minute EMA compression setup with completed 5-minute breakout triggers and exits.
The realized-profit accounting peak. Nothing returns for buybacks while prior losses remain unrecovered.
A Jupiter market buy funded only by realized profit that cleared the high-water mark and settled back through Unit.
Missing data, ambiguous settlement, unexpected exposure, stale candles, or invalid account mode stop progression.
Fee sharing points to the machine wallet. Machine NAV and the receipt ledger start empty.
The machine claims creator fees into public machine custody.
Unit settles uSOL into perps margin. The HYPE 15m/5m strategy may take its first qualified signal.
Cleared realized profit returns through Unit and the separate wallet buys $MNAV through Jupiter.
Creator fees generated after launch. The 0.02 SOL operational reserve is excluded from NAV. The first claim fires at 0.1 SOL and stages until 0.12 SOL can move through Unit.
Yes. The desk trades HYPE perpetuals at 10× isolated leverage. Risk remains 0.5% of equity per entry, margin is capped at 15%, and a 10% desk drawdown closes exposure and halts new risk.
No. mNAV does not change leverage, direction, or fee routing. The strategy reads completed HYPE candles, funding, account equity, and current exposure.
No. Creator fees capitalize the desk. Only realized trading profit above the high-water mark can return to Solana for a buyback.
No. Those belonged to an earlier design and are not in the production route.
The machine publishes authenticated live snapshots. Each Solana write links to its transaction, Hyperliquid actions carry deterministic execution references, and /verify publishes every custody address and NAV input.
The machine journals intent before every live write. On restart, an unresolved intent halts until on-chain state proves executed or not executed.
Unified and portfolio margin can make perps equity include spot collateral. Summing both again would inflate NAV, so the machine rejects those modes.