Methodology
Everything on this site should be reproducible by a stranger. This page defines where each number comes from and exactly how each metric is computed. Dataset last curated Sep 4, 2026.
Sourcing
Holdings, share counts, cost basis and debt terms are compiled from primary disclosures first — SEC/EDGAR and equivalent filings, company press releases and investor-relations pages — and cross-checked against established public trackers. Every company page lists the exact URLs used. When sources disagree, the most recent primary disclosure wins.
Bitcoin price
The BTC/USD price is fetched from CoinGecko's public API and cached for five minutes. If the feed is unavailable, pages fall back to the last curated price and say so. Holdings values and unrealized-gain figures move with this price; they are marked-to-market, not restated filings.
Metric definitions
BTC NAV — BTC held × current BTC price.
mNAV (basic) — market capitalization ÷ BTC NAV. This is the basic equityvariant. An enterprise-value variant (market cap + debt + preferred − cash) runs higher for leveraged companies, which is why each company's debt is listed on its page — judge the two together. Market caps carry an as-of date and are refreshed on each curation, so mNAV blends a dated numerator with a live denominator. Below 1.0× means the equity trades for less than the bitcoin behind it; it is a description, not a signal.
Sats per share — (BTC held × 100,000,000) ÷ basic shares outstanding. Basic, not fully diluted: convertible notes and warrants would lower it, which is exactly why debt is listed separately.
Unrealized gain — (current price − average cost per BTC) × BTC held, where average cost is company-disclosed.
Confidence grades
High — figure taken directly from a filing or company disclosure dated within the last quarter. Medium — from a reputable tracker or press report, or a disclosure older than a quarter. Low — sources conflict or the figure is stale; treat as indicative.
What this site does not do
No price targets, no ratings, no buy/sell/hold language, no personalized advice. InvestorsBitcoin is a publication of general and regular circulation. Corrections: research@investorsbitcoin.com — verified errors are fixed and noted. See the full disclaimer.