Public treasury companies
BTC equity decision console
Compare public Bitcoin equities before buying the wrapper.
Side-by-side comparison of public companies with significant Bitcoin treasuries. These are equity claims and capital structures, not direct Bitcoin custody.
Filings and market data move
Premiums can reverse quickly
No self-custody claim
BTC EQUITY DECISION CONSOLESource methodology ⓘ
Compare treasury equities by premium, dilution, liquidity, and leverage.
These are public companies and capital structures, not direct Bitcoin. Start with the table, then use the drawer for risks and source checks.
| Equity | Score | NAV ± | BTC/share | Liquidity | Best fit | Flags |
|---|---|---|---|---|---|---|
| 6.8equity score | -35.04%NAV ± | ₿0.002388₿840,447 total BTC | $5.37Bavg daily volume | Investors seeking the most liquid public-equity proxy for a leveraged bitcoin treasury strategy rather than direct bitcoin ownership. | heavy dilutionliquidnot BTC custody | |
| 6.6equity score | -22.40%NAV ± | ₿0.00003359₿43,000 total BTC | $50.0Mavg daily volume | Investors comparing non-U.S. BTC treasury equities with meaningful liquidity and aggressive bitcoin accumulation. | heavy dilutionliquidnot BTC custody |
SMLR (Semler Scientific, Inc.) — DELISTED, EXCLUDED FROM THE LIVE COMPARISON. SMLR is no longer an independently traded Nasdaq common equity (delisted January 20, 2026 after the Strive acquisition).
SMLR historical profile →Evidence
Why trust this view
Verification
Data checked
Aug 23, 2026
Equity data is a dated snapshot. Market prices move intraday.
Coverage
2 live treasury equities
Includes publicly traded companies with material BTC treasuries and SEC or equivalent disclosures.
How we score
Equity methodology
Open the scoring rules before relying on a ranking.
Boundary
Not investment advice
Pledge provides comparison data for educational purposes only.
Discount to NAV, at a glance
NAV PREMIUM / DISCOUNT · TREASURY EQUITIES
What you pay vs. the bitcoin behind it.
Discount to NAVModest premiumRich premiumEditor's pick (MSTR)
How to read it. NAV (net asset value) is the bitcoin backing one share. A discount (left, green) means the market price is below that backing — more bitcoin per dollar; a premium (right) means you pay above it. The inverse, market value ÷ NAV, is the “mNAV” multiple often quoted for treasury companies.
Source: issuer disclosures and market data, snapshot Aug 23, 2026. NAV uses a dated BTC reference price; prices and NAV move intraday, and NAV may exclude debt, taxes, and operating assets. Not investment advice.
Multiple, and bitcoin behind each share
mNAV MULTIPLE · TREASURY EQUITIES
One number: price per dollar of bitcoin.
Below 1.0x (discount)Modest premiumRich premiumEditor's pick (MSTR)
How to read it. The mNAV multiple is the market price divided by the bitcoin behind one share. At 1.0x you pay exactly what the coins are worth; below 1.0x (left, green) you buy a dollar of bitcoin for less than a dollar; above 1.0x you pay a premium for the wrapper.
mNAV = market value ÷ bitcoin-only NAV (the inverse of the NAV premium/discount). Source: issuer disclosures and market data, snapshot Aug 23, 2026. NAV uses a dated BTC reference price; prices and NAV move intraday, and NAV may exclude cash, debt, preferred stock, taxes, and operating assets. Not investment advice.
BITCOIN PER SHARE · TREASURY EQUITIES
How much bitcoin sits behind one share.
BTC per share (log)Editor's pick (MSTR)
How to read it. Each bar is the bitcoin claim behind a single share, shown in satoshis (1 BTC = 100,000,000 sats). The axis is logarithmic because the densest equity packs roughly 71 times more bitcoin per share than the thinnest — a linear axis would flatten the small names to nothing. More sats per share is not automatically “better”: read it alongside the mNAV multiple above, since a share can be dense in bitcoin yet still trade at a premium.
BTC per share = issuer bitcoin holdings ÷ shares outstanding, from issuer disclosures and market data, snapshot Aug 23, 2026. Share counts and holdings change with issuance and purchases. Not investment advice.
The discount that debt erases
DEBT-ADJUSTED mNAV · TREASURY EQUITIES
Count the debt, and the discount can vanish.
Basic mNAV (debt ignored)Debt-adjusted mNAV (EV ÷ BTC)Premium once debt countsEditor's pick (MSTR)
New to this? The hollow dot is the multiple you usually see quoted — share price against the bitcoin behind it, with the company's debt ignored. The filled dot adds that debt back in, because lenders get paid before shareholders. When the line crosses 1.0x, a stock that looked cheaper than its bitcoin is really trading at a premium once you account for what it owes.
In finance terms. Basic mNAV = market cap ÷ bitcoin-only NAV. Debt-adjusted mNAV = enterprise value (market cap + total debt) ÷ bitcoin-only NAV — debt is a senior claim ahead of the common, so a levered name with a basic discount can be an enterprise-value premium. On this snapshot, every name keeps the same side of 1.0x after debt — but the discount narrows for the levered ones.
Computed from issuer disclosures and market data, snapshot Aug 23, 2026: debt-adjusted mNAV = (market cap + total debt) ÷ bitcoin market value. Total debt may exclude preferred stock and other senior obligations, so the real enterprise premium can be larger still. Frozen/historical rows (e.g. a delisted name) mix a last-trade market cap with current data and are not investable. Prices, debt, and bitcoin holdings move; not investment advice.
Quick Comparison
| Ticker | Score | NAV ± | BTC/Share | Total BTC | Market Cap | Price | Volume | Dilution | Leverage | |
|---|---|---|---|---|---|---|---|---|---|---|
 MSTR Strategy Inc. | 6.8 | -35.04% | ₿0.002388 | ₿840,447 | $41.97B | $119.25 | $5.37B | Heavy | 0.15 | Details → |
 3350.T / MTPLF Metaplanet Inc. | 6.6 | -22.40% | ₿0.00003359 | ₿43,000 | $2.57B | $2.00 | $50.0M | Heavy | 0.11 | Details → |
Product Details
Nasdaq Global Select Market
6.8/10
Overall scoreThe original and largest public bitcoin treasury company.
NAV Premium/Discount
-35.04%
BTC / Share
₿0.002388
Total BTC
₿840,447
Market Cap
$41.97B
Total Debt
$6.70B
D/E Ratio
0.19
Revenue (TTM)
$477.2M
Avg Daily Volume
$5.37B
Price
$119.25
Score Breakdown
6.025%NAV Premium
8.520%BTC/Share
6.815%Leverage
3.015%Dilution
7.010%Operating Biz
10.010%Liquidity
9.05%Management
Highlights
- +Largest reported public-company BTC position: 843,775 BTC as of July 26, 2026; 840,447 as of Aug 16, 2026 (846,000 at June 30, 2026).
- +Nasdaq-listed with very deep trading liquidity and broad institutional access.
Considerations
- !Recurring ATM issuance and preferred-stock programs can materially dilute common shareholders; in 2026 Strategy began SELLING bitcoin under its BTC Monetization Program (funding preferred dividends and STRC repurchases) — a departure from the prior never-sell posture.
- !Common equity is exposed to bitcoin, software-business performance, debt, preferred dividends, and market sentiment.
Best for: Investors seeking the most liquid public-equity proxy for a leveraged bitcoin treasury strategy rather than direct bitcoin ownership.
Tokyo Stock Exchange Standard Market
6.6/10
Overall scoreJapan's leading public bitcoin treasury company.
NAV Premium/Discount
-22.40%
BTC / Share
₿0.00003359
Total BTC
₿43,000
Market Cap
$2.57B
Total Debt
$275.0M
D/E Ratio
0.10
Revenue (TTM)
$55.8M
Avg Daily Volume
$50.0M
Price
$2.00
Score Breakdown
7.125%NAV Premium
7.220%BTC/Share
7.815%Leverage
3.015%Dilution
5.510%Operating Biz
8.010%Liquidity
8.05%Management
Highlights
- +Reported 40,177 BTC holdings at March 31, 2026; third-party trackers showed ~43,000 BTC by mid-June 2026 (Reported, re-verify).
- +Tokyo-listed public equity with an OTC ticker for U.S. market access.
Considerations
- !Heavy warrant and stock acquisition-right usage creates material dilution risk.
- !Market data can differ between the Tokyo listing, OTC ticker, and ADR-related instruments.
Best for: Investors comparing non-U.S. BTC treasury equities with meaningful liquidity and aggressive bitcoin accumulation.
Scoring Methodology
Each equity receives a composite score (0–10) based on seven weighted factors: NAV premium/discount (25%), BTC per share (20%), leverage ratio (15%), dilution trajectory (15%), operating business (10%), liquidity (10%), and management quality (5%).
View Full MethodologyNot investment advice. Pledge provides comparison data for educational purposes only. Data checked Aug 23, 2026; market prices, filings, BTC holdings, leverage, and share counts can change. Past performance does not guarantee future results.
Affiliate disclosure. Pledge currently does not earn affiliate or referral fees from any product listed on this page. If that changes, monetized links will carry a clear ↗ AFFILIATE marker.
NAV estimates. NAV premium/discount uses common market capitalization versus BTC market value only, before cash, debt, preferred stock, taxes, and operating business value. Estimates are very sensitive to intraday price moves.
Stale data risk. Delisted names (e.g. SMLR/Semler, acquired by Strive) are excluded from the live list above and kept as historical profiles only. Verify current trading status before making decisions.
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Not investment advice. Pledge provides comparison data for educational purposes only; it is not financial, investment, legal, or tax advice. Listed rates, terms, and scores can change and Pledge does not guarantee future availability, pricing, approval, or outcomes. Verify current terms with official sources before acting.
Affiliate disclosure. Pledge currently has no affiliate links, referral fees, or sponsored placements. If a paid relationship is ever added, it will be disclosed inline where it appears — and it will not affect rankings or scores.