Institutional bitcoin treasury intelligence
The public record of corporate bitcoin — holdings, cost basis, mNAV and the debt behind them.
38 public companies tracked. Every figure tied to a filing, disclosure, or named source — free to cite, with the full dataset downloadable.
BTC on public balance sheets
1,189,905
5.7% of the 21M cap
Value at current price
$91.4B
BTC $76,837 · -2.7% 24h
Median basic mNAV
1.19×
16 of 38 trade below NAV
Convertible & treasury debt
$22.0B
Outstanding disclosed notes across tracked companies
Largest treasuries
Top 10 public companies by BTC held.
Premium & discount to NAV
Basic mNAV (market cap ÷ bitcoin NAV) for pure treasury vehicles — the companies whose equity is, in substance, a bitcoin claim.
Who holds it
Share of tracked BTC by company type.
Latest research
All research →Sector report · Aug 31, 2026
The mNAV Compression: What the Market Now Pays for a Bitcoin Balance Sheet
Treasury companies once traded at multiples of their bitcoin. A growing share now trade below it. What changed, who is exposed, and what the discount actually means.
Sector report · Aug 31, 2026
The Maturity Wall: Convertible Debt Behind Corporate Bitcoin
Billions in convertible notes funded the treasury boom. Mapping the amounts, coupons and dates — and what happens if equity stays below conversion prices.
Primer · Aug 31, 2026
Bitcoin on the Balance Sheet: A Board-Level Primer
Accounting under ASU 2023-08, custody architecture, governance, disclosure and the realistic risk register — the questions a board should resolve before the first purchase.
The Treasury Ledger
A concise brief on public-company bitcoin: new disclosures, mNAV moves, and debt maturities. No signals, no trade calls — just the record.
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