Treasury Comparison
Bitcoin treasury companies, side by side
Compare MSTR, Metaplanet and other public Bitcoin treasuries on the four axes investors actually price: mNAV premium, holdings, dilution and leverage risk, and long-horizon quantum exposure. Snapshot values; edit the reference Bitcoin price to re-derive mNAV and coverage across the table.
- Strategy (MSTR): no live share price — using static snapshot; share count last filed 265 days ago.
- Twenty One Capital (XXI): no live share price — using static snapshot; share count last filed 282 days ago.
- Metaplanet (3350): share count last filed 265 days ago.
- MARA Holdings (MARA): no live share price — using static snapshot; share count last filed 266 days ago.
- Bitcoin Standard Treasury (BSTR): no live share price — using static snapshot; share count last filed 282 days ago.
- Bullish (BLSH): no live share price — using static snapshot; share count last filed 296 days ago.
- Strive (ASST): no live share price — using static snapshot; share count last filed 266 days ago.
- SpaceX (SPCX): no live share price — using static snapshot; share count last filed 722 days ago.
- Coinbase (COIN): no live share price — using static snapshot; share count last filed 297 days ago.
- Riot Platforms (RIOT): no live share price — using static snapshot; share count last filed 266 days ago.
- CleanSpark (CLSK): no live share price — using static snapshot; share count last filed 266 days ago.
- Tesla (TSLA): no live share price — using static snapshot; share count last filed 570 days ago.
- Hut 8 (HUT): no live share price — using static snapshot; share count last filed 266 days ago.
- Trump Media (DJT): no live share price — using static snapshot; share count last filed 282 days ago.
- Block (XYZ): no live share price — using static snapshot; share count last filed 297 days ago.
| Company · ticker | BTC held | Market cap | mNAV | Sats / share | Debt / NAV | Dilution | Leverage | Structural Q-exposure | As of · source |
|---|---|---|---|---|---|---|---|---|---|
Strategy NASDAQ:MSTR | 843,775 | $57.00B Static snapshot · 2025-11-01 | 1.02× | 296,061 | 0.17 | Very high | High | 18% (151,880 BTC) | 2025-11-01 Strategy IR ↗ |
Twenty One Capital NASDAQ:XXI | 43,514 | $2.13B Static snapshot · 2025-10-15 | 0.74× | 51,193 | 0.17 | High | Moderate | 5% (2,176 BTC) | 2025-10-15 Twenty One IR ↗ |
Metaplanet TSE:3350 | 43,000 | $4.65B Static snapshot · 2025-11-01 | 1.64× | 5,375 | 0.05 | Very high | Low | 8% (3,440 BTC) | 2025-11-01 Metaplanet IR ↗ |
MARA Holdings NASDAQ:MARA | 36,303 | $6.46B Static snapshot · 2025-10-31 | 2.70× | 9,553 | 0.58 | High | Moderate | 15% (5,445 BTC) | 2025-10-31 MARA IR ↗ |
Bitcoin Standard Treasury NASDAQ:BSTR | 30,021 | $3.00B Static snapshot · 2025-10-15 | 1.51× | 10,007 | 0.10 | Very high | Low | 5% (1,501 BTC) | 2025-10-15 BSTR IR ↗ |
Bullish NYSE:BLSH | 24,300 | $5.20B Static snapshot · 2025-10-01 | 3.24× | 18,692 | — | Moderate | None | 8% (1,944 BTC) | 2025-10-01 Bullish IR ↗ |
Strive NASDAQ:ASST | 19,921 | $1.56B Static snapshot · 2025-10-31 | 1.19× | 33,202 | 0.19 | Very high | Low | 5% (996 BTC) | 2025-10-31 Strive IR ↗ |
SpaceX NASDAQ:SPCX | 18,712 | $1.52T Static snapshot · 2024-08-01 | 1229.16× | 142 | 4.05 | Low | Moderate | 25% (4,678 BTC) | 2024-08-01 Aggregated tracker ↗ |
Coinbase NASDAQ:COIN | 16,492 | $62.40B Static snapshot · 2025-09-30 | 57.33× | 6,343 | 3.86 | Moderate | Moderate | 8% (1,319 BTC) | 2025-09-30 Coinbase IR ↗ |
Riot Platforms NASDAQ:RIOT | 15,680 | $3.90B Static snapshot · 2025-10-31 | 3.77× | 4,417 | 0.72 | High | Moderate | 15% (2,352 BTC) | 2025-10-31 Riot IR ↗ |
CleanSpark NASDAQ:CLSK | 13,924 | $2.85B Static snapshot · 2025-10-31 | 3.10× | 4,886 | 0.71 | High | Moderate | 15% (2,089 BTC) | 2025-10-31 CleanSpark IR ↗ |
Tesla NASDAQ:TSLA | 11,509 | $768.00B Static snapshot · 2024-12-31 | 1011.07× | 360 | 16.46 | Low | Low | 18% (2,072 BTC) | 2024-12-31 Tesla 10-K ↗ |
Hut 8 NASDAQ:HUT | 10,278 | $1.89B Static snapshot · 2025-10-31 | 2.79× | 9,789 | 0.59 | Moderate | Moderate | 15% (1,542 BTC) | 2025-10-31 Hut 8 IR ↗ |
Trump Media NASDAQ:DJT | 9,542 | $3.22B Static snapshot · 2025-10-15 | 5.11× | 4,149 | — | Moderate | None | 5% (477 BTC) | 2025-10-15 TMTG IR ↗ |
Block NYSE:XYZ | 9,032 | $42.16B Static snapshot · 2025-09-30 | 70.72× | 1,457 | 8.56 | Moderate | Moderate | 8% (723 BTC) | 2025-09-30 Block IR ↗ |
Company notes
The reference case: bond-issuing sovereign-scale accumulator. Sensitivity to premium compression is the dominant risk.
Dilution: Continuous ATM programs; ~3× shares outstanding since 2020. Leverage: Convertible notes + secured debt; multi-tranche maturity ladder.
Purpose-built BTC treasury vehicle — no operating business drag, but discount-to-NAV has appeared as the market weighs execution risk.
Dilution: SPAC-formed pure-play; expect ATM-driven accumulation cadence. Leverage: Backed by Tether/Bitfinex/SoftBank with convertible-note capacity.
JPY-denominated (share price shown in JPY, other USD figures approximated). Aggressive accumulator.
Dilution: Japan's Strategy-analog; heavy warrant + rights issuance. Leverage: Uses moving-strike warrants more than debt.
Largest miner-treasury. Coins are self-mined; leverage is tied to fleet financing rather than pure BTC-backed debt.
Dilution: Miner-issuer hybrid; regular ATM raises to fund fleet + HODL. Leverage: Convertible notes with staggered maturities; hashrate-linked capex.
Newly listed BTC-native treasury company with founder-led accumulation mandate. Reference metrics will move materially quarter-to-quarter.
Dilution: SPAC-launched treasury vehicle with active PIPE/ATM program. Leverage: Early stage; capital stack still primarily equity-funded.
Exchange operator (post-EDX/Block.one) with a legacy BTC position. Treasury is incidental to the trading business, not the thesis.
Dilution: Recently IPO'd exchange; SBC and follow-on offerings possible. Leverage: Debt-free at IPO; BTC held as balance-sheet asset.
Ramaswamy-founded asset manager reincorporated as a BTC treasury vehicle. Trades at a premium to NAV on execution optionality.
Dilution: Frequent PIPE/ATM raises; asset manager pivoting into BTC treasury. Leverage: Convertible notes with moderate maturities.
Market cap = live SPCX share price × live shares outstanding (both from Tiingo daily). If the live feed has no quote, the tool falls back to the disclosed ~13.2B share count and last-known price, and the integrity audit above flags the row.
Dilution: Equity issuance historically controlled and infrequent. Leverage: Vendor + revolving credit facilities; BTC not pledged.
Exchange operator with a modest treasury position, held for balance-sheet strength rather than accretion.
Dilution: SBC-heavy; not a treasury-issuance vehicle. Leverage: Convertible notes; BTC is a small share of enterprise assets.
US-listed miner with growing HODL policy. Treasury is an outcome of mining, not the business itself.
Dilution: Miner-issuer; ATM funds power infrastructure alongside HODL. Leverage: Convertible notes; power/infra capex is the primary cash sink.
US miner pursuing a full-HODL model on mined production. Treasury growth is a byproduct of hashrate expansion.
Dilution: Miner-issuer using ATM to grow hashrate and hold production. Leverage: Convertible notes; capex tied to expanding mining fleet.
Legacy 2021 buy, mostly retained after 2022 sell-down. Immaterial to Tesla's core investment case.
Dilution: Buyback bias; BTC is <0.1% of enterprise value. Leverage: Investment-grade debt profile; BTC not pledged.
Merged US/Canadian miner. Treasury policy is HODL-of-production with occasional strategic sales.
Dilution: Miner with periodic ATM raises; less aggressive than pure accumulators. Leverage: Term loans and equipment financing; BTC largely unencumbered.
Media/politics-driven equity with a sizable cash-funded BTC treasury. Share price is largely uncorrelated from NAV mechanics.
Dilution: Warrant overhang; not a routine ATM issuer. Leverage: Cash-funded BTC allocation; no BTC-backed debt.
Operating fintech with a small treasury allocation and monthly BTC accumulation policy tied to gross profit.
Dilution: SBC-driven dilution; not a treasury-issuance vehicle. Leverage: Convertible notes and revolver; BTC unencumbered.
How the metrics are computed
- BTC NAV = holdings × BTC reference price.
- Market cap = disclosed fully-diluted share count × live share price (Tiingo EOD; Metaplanet's JPY snapshot converts at ¥155/$). Share counts are refreshed only with each quarterly filing, so aggressive issuers (MSTR, MARA, RIOT, CLSK, ASST) may show a stale market cap between filings — the value refreshes fully at each 10-Q/10-K. Private issuers (SpaceX) show a reference secondary-market valuation and are marked PRIV; per-share metrics are hidden for them.
- mNAV = market cap ÷ BTC NAV. Above 1.0× means the market pays a premium for the treasury wrapper. Hidden for private issuers.
- Sats per share = holdings ÷ shares, expressed in satoshis. Hidden for private issuers.
- Debt / NAV = total debt ÷ BTC NAV. Values > 1 mean debt exceeds the treasury; values approaching 1 concentrate refinancing risk.
- Dilution / Leverage are qualitative bands based on trailing issuance behaviour and debt structure, not point estimates.
- Structural Q-exposure is the share of holdings modelled as key-visible on-chain today. Because on-chain audits per issuer aren't public, buckets are assigned by custody archetype — fresh institutional custody (~5%), modern custody with some legacy (~8%), long-term accumulators with mixed vintages (~18%), self-mining miners with hot-wallet reuse (~15%), or the network-wide 25 / 5 / 70 fallback where nothing is known. Hover the cell for the per-company rationale. This is why numbers vary across rows rather than sharing a single supply-wide value.
Share prices and BTC holdings refresh daily; share counts move only with quarterly filings. Where an address-level audit is unavailable, quantum buckets use the project-wide supply distribution as a fallback.
FAQ
Why does mNAV change when I edit the BTC price?
How is dilution risk banded?
Why show a single 'structural' quantum bucket?
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