How we build the treasury data

We track companies whose shares trade on a public exchange and which disclose bitcoin held on their own balance sheet. That covers three different kinds of holder, and the distinction matters when you read the table: companies built to accumulate bitcoin and financed by issuing equity and debt against it, miners that keep some or all of what they produce, and operating businesses that moved part of their cash reserves into bitcoin.

Out of scope for this version: private companies, exchange traded funds, sovereign and government holdings, decentralised protocol treasuries, and companies whose only bitcoin is held on behalf of customers. Customer assets are not the company's bitcoin, so where a company reports both, we use only the corporate figure. Coinbase is the clearest example: we count its corporate investment portfolio, not the far larger balance it custodies for other people.

A company also has to have a figure we can source. If the most recent disclosure we can find is too old to be meaningful and no filing supports a newer number, we say so on the page rather than carrying an old figure forward as if it were current.

Bitcoin holdings come from primary disclosures first: filings on the SEC's EDGAR system, company press releases, exchange announcements for companies listed outside the United States, and official investor relations pages. Where a primary source is not available, we accept reporting from established financial press that cites the disclosure. Every figure in the history table on a company page links to the source it came from, so you can check any of them without taking our word for it.

We deliberately do not scrape other treasury trackers. Their numbers are themselves aggregates, often undated, and copying them would mean republishing someone else's errors with our name on them. We use the CoinGecko public treasury API to notice when a holding has changed and to catch companies we are not yet tracking, then confirm the figure against the company's own disclosure.

Market capitalisation comes from the Yahoo Finance quote API at sync time. When a quote is unavailable, we derive it from the last share price and the shares outstanding reported in the company's most recent filing, and label it as derived on the page. An editor can also enter a market cap by hand, which takes precedence over both, and each company page states which of the three you are looking at.

BTC value is simply the company's bitcoin multiplied by the bitcoin price recorded at our last sync. It is not a valuation of the company and it is not the company's carrying value under its accounting standard, which may differ substantially.

mNAV is market capitalisation divided by that BTC value. A company with a 20 billion dollar market cap holding 10 billion dollars of bitcoin has an mNAV of 2.0, meaning the market prices the whole company at twice its bitcoin. Above 1.0 you are paying a premium over the coins, for the operating business, the management, or the expectation of further buying. Below 1.0 the market values everything the company owns and does at less than its bitcoin alone. We compute this rather than quoting anyone else's figure, and we show it only when we have both a sourced market cap and a bitcoin price. Otherwise the cell reads n/a.

Rank is derived at the moment the page is built, by sorting holdings from largest to smallest. It is never stored, so it cannot go stale relative to the holdings it describes.

Share of supply uses bitcoin's fixed 21 million cap as the denominator, not the roughly 19.9 million mined so far. That makes the percentage smaller than some trackers report, and it makes figures comparable across time, which the circulating number does not.

Companies disclose on their own schedules. A miner may publish monthly production updates, a treasury company may announce purchases within days, and an operating business may only restate its position each quarter. Presenting all of those as one live number would be misleading, so every holding carries the date of the disclosure it came from, shown in the "as of" column and repeated on each company page.

The bitcoin price and the market caps are refreshed together when we sync, currently 2026-08-13. The stats at the top of the leaderboard describe the 165 companies we track, not every public company in the world. Any claim about totals on this site is a claim about this list.

We do not estimate. If a company's market cap is not sourceable, the column shows n/a rather than a number derived from an assumption. If a holdings history is incomplete, the chart shows the points we have and says so, rather than drawing a smooth line through gaps. A missing figure is a piece of information; a fabricated one is a liability.

We do not adjust for pledged or lent bitcoin without saying so. Several companies on this list have posted part of their holdings as loan collateral or written options against them, which changes what those coins actually represent. Where a company discloses it, we note it on the company page.

We do not treat these companies as recommendations. The leaderboard is a record of who holds what, not a view on whether any of these shares are worth buying. Owning shares in a company that holds bitcoin is not the same as owning bitcoin: you also own its debt, its dilution, its management decisions, and whatever premium or discount the market applies. If your goal is bitcoin itself, our exchange reviews are the more relevant page.

If a figure here is wrong or out of date, we want to fix it. Point us at the filing or announcement that supersedes it through our contact page, and we will update the record and its source link. Corrections go into the same history table as everything else, so a revised figure is visible as a revision rather than quietly replacing what was there before.