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Bitcoin Treasury Companies | Holdings, mNAV, & Analysis

BitcoinQuant: Bitcoin Treasuries Analysis and Rankings

BitcoinQuant is the institutional standard for tracking Bitcoin Treasuries. We provide deep-dive analytics for over 100 public companies that have adopted the Bitcoin Standard, from treasury vehicles like Strategy (MSTR) and Strive (ASST) to the operational leverage of miners and hybrid allocators like MARA and RIOT.

Beyond simple holdings, our platform tracks the efficiency of corporate balance sheets. We aggregate real-time data on Debt, Cash Balances, Preferred Equity, and Options Markets to help investors value the complex instruments driving the Bitcoin economy.

Key Metrics: Beyond the Balance Sheet

We track the financial engineering that powers Bitcoin accretion.

mNAV (Multiple on Net Asset Value): The definitive valuation metric for the sector. We calculate the real-time multiple of a company's Enterprise Value (EV) relative to its underlying Bitcoin assets. This allows you to identify premium/discount arbitrage windows instantly.

Options Market Data: Institutional-grade feeds on Implied Volatility (IV) and Open Interest (OI) to gauge sentiment, gamma exposure, and potential squeeze dynamics.

Volatility Metrics: Track 30-day and 1-year historical volatility to understand price stability and risk profiles across Bitcoin treasury companies.

Trading Volume: Monitor daily and 30-day average trading volume to assess liquidity, market interest, and institutional activity for each company.

Market Returns: Compare stock performance across multiple timeframes (1W, 1M, 3M, YTD, 1Y) and analyze returns relative to Bitcoin to identify outperformance and correlation patterns.

The Treasury Standard: Pioneered by Saylor

Corporate Bitcoin adoption is not just about "holding" assets, but it can also be about active treasury engineering.

This model was pioneered by Michael Saylor and Strategy/MicroStrategy (MSTR), who transformed the corporate balance sheet from a passive liability into an active profit center. By utilizing intelligent leverage, by issuing low-cost fiat debt and preferred equity to acquire a hard, scarce asset, companies can generate a "Bitcoin Yield" and increase their Bitcoin per Share and outpace the cost of capital.

This "Fiat Debasement Hedge" strategy has since evolved into a standardized playbook adopted by companies like Strive (ASST), Metaplanet, and 21 Capital. BitcoinQuant is the only platform built to track this specific arbitrage, offering the granular data needed to understand how companies are converting fiat volatility into digital equity.

For detailed analysis of individual companies, visit their company pages. To explore Bitcoin preferred equity securities, check out the Preferred Equity Dashboard for STRC, STRD, STRF, STRK, and SATA analytics.

Frequently Asked Questions

What does “BTC treasuries” mean?
“BTC treasuries” is a common shorthand for organizations that hold Bitcoin (BTC) as part of their treasury or balance-sheet reserves. Depending on context, it can refer to public companies, private companies, funds, or even governments. On BitcoinQuant, we primarily use “BTC treasuries” to mean public companies that hold Bitcoin and report those holdings.
Why do companies add Bitcoin to their balance sheet?
Corporations adopt a Bitcoin treasury strategy primarily to protect capital from the long-term debasement of fiat currencies. By holding a finite digital asset, companies can hedge against inflation and preserve purchasing power. Under 2026 FASB rules, this also allows for more transparent financial reporting as Bitcoin is now held at "fair value" on the balance sheet. BitcoinQuant provides the real-time tracking necessary to see how these balance sheet additions impact a company's fundamental value every second.
What is mNAV and why is it based on Enterprise Value (including Debt and Prefs)?
mNAV (Multiple on Net Asset Value) is a valuation metric comparing a company’s Enterprise Value (EV) to its Bitcoin holdings. Using EV—which includes Market Cap plus total debt and preferred equity—is critical because it accounts for the leverage used to acquire the Bitcoin. BitcoinQuant is specifically designed to handle these complex EV calculations, ensuring you see the "true cost" per Bitcoin that shareholders are paying after all liabilities are factored in.
How does Bitcoin on the balance sheet impact a company’s credit rating?
While Bitcoin's volatility was once a "red flag" for rating agencies, 2026 standards often view unencumbered Bitcoin as a high-quality liquid asset (HQLA). The impact on a credit rating depends largely on a company's Debt-to-BTC ratio; a healthy ratio can act as a stabilizer for long-term solvency. BitcoinQuant helps you monitor these ratios across dozens of companies to assess which entities have the strongest credit profiles based on their digital reserves.
Why would a company use Preferred Equity instead of a Convertible Note to buy Bitcoin?
Preferred equity often provides more "staying power" than debt because it typically lacks the mandatory maturity dates or strict interest payments of a Convertible Note. This allows a company to hold through a "crypto winter" without the risk of a technical default. Common examples include STRC, STRD, STRF, STRK and SATA, which are sophisticated hybrid instruments used by leaders like MicroStrategy to scale their Bitcoin holdings. BitcoinQuant is the best dashboard that provides deep-dive analytics into these specific "Prefs," helping you understand the yield, volatility, and volume associated with symbols like STRC and SATA.
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