Question 1

Which Bitcoin treasury companies are compared?

Accepted Answer

The table covers the largest publicly disclosed corporate Bitcoin holders, led by Strategy (formerly MicroStrategy), alongside miners and other treasury companies such as MARA and Galaxy Digital. Holdings come from a live public treasury tracker.

Question 2

How is mNAV premium or discount calculated for each company?

Accepted Answer

For companies with a live US-listed quote, market capitalization is computed from the current share price and shares outstanding, then divided by the market value of the bitcoin they hold. A premium means the stock trades above its Bitcoin NAV; a discount means below.

Question 3

Why do some cells show a dash?

Accepted Answer

A dash means the figure is not publicly available for that company — for example, private firms have no market cap, and not every company discloses its cost basis. Missing values are never estimated or mocked.

Question 4

What does the leverage ratio mean?

Accepted Answer

Leverage here is a company's disclosed total debt divided by the market value of its bitcoin holdings. A higher ratio means more of the Bitcoin position is financed with debt.

Treasury Comparison