RANKED · UPDATED JUL 2026
Bitcoin Treasury Companies
Every major public company holding bitcoin on its balance sheet, ranked by total BTC held. Buying the stock isn't the same as buying bitcoin — here's why that gap (mNAV) matters.
Holdings approximate as of July 2026 public disclosures. Value uses live BTC price. mNAV is illustrative, not real-time — verify before citing.
What mNAV actually measures
Bitcoin treasury companies raise capital — through stock sales, convertible debt, or preferred shares — specifically to buy more bitcoin, then hold it on the balance sheet as their core asset. Strategy pioneered the model in 2020; a growing list of public companies have since adopted variations of it.
mNAV (market-value Net Asset Value) is enterprise value divided by the current value of the company's bitcoin holdings. Above 1.0x, the market is paying a premium for the company beyond its bitcoin — usually reflecting expectations that management will keep accumulating more per share. Below 1.0x, the stock trades for less than the bitcoin backing it, which some read as undervaluation and others read as the market pricing in dilution or execution risk.
Buying the stock is not the same trade as buying bitcoin directly. You're taking on the company's debt structure, dilution from future capital raises, and management decisions — on top of bitcoin's own volatility. The mNAV premium or discount is the price of that extra layer.
Frequently asked questions
What is a bitcoin treasury company?
A public company whose core business is holding bitcoin on its balance sheet, often raising capital through stock and debt sales specifically to buy more — a strategy pioneered by Strategy (formerly MicroStrategy) in 2020.
What is mNAV?
Market-value Net Asset Value — enterprise value divided by the current value of the company's bitcoin holdings. Above 1.0x is a premium; below 1.0x is a discount to the bitcoin backing the stock.
Is buying the stock the same as buying bitcoin?
No. You're buying equity in a company that holds bitcoin, plus its debt, dilution risk, and management decisions — not the bitcoin itself. The stock can and does trade at a premium or discount to the bitcoin it holds.
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