Preferred/common wrappers
Treasury product decision console
Compare Bitcoin treasury securities before chasing yield or exposure.
Side-by-side comparison of Bitcoin treasury products — preferred stock and common equity. These wrappers can reference Bitcoin economics without giving holders coin control.
Prices and terms move
Then NAV and liquidity
No self-custody claim
TREASURY PRODUCT DECISION CONSOLESource methodology ⓘ
Compare treasury securities by NAV, BTC exposure, liquidity, and structure.
Preferreds and treasury equities can reference Bitcoin economics without giving holders coin control. Start with structure, then check sources.
| Product | Score | NAV ± | BTC/share | Liquidity | Best fit | Flags |
|---|---|---|---|---|---|---|
| 7.4treasury score | -3.82%NAV ± | ₿0.00818₿840,447 issuer BTC | $170.3MNasdaq Global Select Market | Investors comparing bitcoin-treasury-linked credit instruments that prioritize listed liquidity and current income over direct bitcoin ownership. | preferredstable dilutionSEC reporting | |
| 7.2treasury score | +0.01%NAV ± | ₿0.00259₿20,167 issuer BTC | $45.1MNasdaq Global Market | Investors comparing newer bitcoin-treasury preferred instruments with high stated income and Nasdaq liquidity. | preferreddilution riskSEC reporting | |
| 5.4treasury score | -32.72%NAV ± | ₿0.00012547₿43,514 issuer BTC | $16.7MNYSE | Investors comparing common-equity bitcoin treasury companies with large BTC holdings and public-market liquidity. | common stockdilution riskSEC reporting | |
| 3.6treasury score | -64.24%NAV ± | ₿0.00025678₿4,468 issuer BTC | $3.2MNasdaq Capital Market | Investors comparing deeply discounted but higher-risk bitcoin operating companies with meaningful dilution and execution risk. | common stockdilution riskSEC reporting |
Evidence
Why trust this view
Verification
Data checked
Aug 23, 2026
Treasury data is a dated snapshot. Prices and NAV move intraday.
Coverage
4 treasury products
Includes preferred stock and common equity vehicles with public BTC treasuries.
How we score
Treasury 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 PRODUCTS
What you pay vs. the bitcoin behind it.
Discount to NAVModest premiumRich premiumEditor's pick (STRC)
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 reference BTC price of $76,876 for bitcoin-only estimates; 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 PRODUCTS
One number: price per dollar of bitcoin.
Below 1.0x (discount)Modest premiumRich premiumEditor's pick (STRC)
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 reference BTC price of $76,876 for bitcoin-only estimates; prices and NAV move intraday, and NAV may exclude cash, debt, preferred stock, taxes, and operating assets. Not investment advice.
BITCOIN PER SHARE · TREASURY PRODUCTS
How much bitcoin sits behind one share.
BTC per share (log)Reference only — no direct BTC claimEditor's pick (STRC)
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 product packs roughly 65 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.
Hatched bars are reference only. Those rows are preferred-stock instruments whose per-share bitcoin figure is a reference metric — the holder has no direct pro-rata claim on the issuer's bitcoin — so they are not ranked as a real bitcoin claim against the common-equity names.
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.
Quick Comparison
| Product | Score | NAV ± | BTC/Share | Total BTC | Price | Volume | Dilution | Exchange | |
|---|---|---|---|---|---|---|---|---|---|
 STRC Preferred Stock | 7.4 | -3.82% | ₿0.00818 | ₿840,447 | $96.18 | $170.3M | stable | Nasdaq Global Select Market | Details → |
 SATA Preferred Stock | 7.2 | +0.01% | ₿0.00259 | ₿20,167 | $100.01 | $45.1M | increasing | Nasdaq Global Market | Details → |
 XXI Common Stock | 5.4 | -32.72% | ₿0.00012547 | ₿43,514 | $6.49 | $16.7M | increasing | NYSE | Details → |
 NAKA Common Stock | 3.6 | -64.24% | ₿0.00025678 | ₿4,468 | $7.06 | $3.2M | increasing | Nasdaq Capital Market | Details → |
Product Details
Preferred Stock
7.4/10
Overall scoreNasdaq-listed variable-rate preferred stock backed by the largest public bitcoin treasury issuer.
NAV Premium/Discount
-3.82%
BTC / Share
₿0.00818
Total BTC
₿840,447
Market Price
$96.18
Score Breakdown
9.930%NAV Premium
7.515%BTC/Share
2.515%Dilution
8.515%Governance
9.010%Liquidity
7.010%Fees
1.55%Track Record
Highlights
- +Monthly variable cash dividend held at 12.00% since July 1, 2026 (semi-monthly cadence).
- +Issuer Strategy held 840,447 BTC as of Aug 23, 2026 (Form 8-K filed Aug 24, 2026), down from 843,775 at July 26, 2026, after the new BTC Monetization Program began selling bitcoin to fund preferred dividends and STRC repurchases.
Considerations
- !Preferred holders do not own a direct pro-rata claim on bitcoin.
- !Large ATM programs can materially increase preferred share count.
Best for: Investors comparing bitcoin-treasury-linked credit instruments that prioritize listed liquidity and current income over direct bitcoin ownership.
Preferred Stock
7.2/10
Overall scoreStrive variable-rate preferred stock designed as bitcoin-treasury-linked digital credit.
NAV Premium/Discount
+0.01%
BTC / Share
₿0.00259
Total BTC
₿20,167
Market Price
$100.01
Score Breakdown
10.030%NAV Premium
6.515%BTC/Share
4.015%Dilution
7.515%Governance
8.010%Liquidity
7.010%Fees
1.05%Track Record
Highlights
- +Switched to daily business-day cash dividends on June 16, 2026 — a U.S.-listed first — at a 13.00% stated annual rate (paid per business day; the daily cadence is a payment-frequency change, not yield compounding).
- +Strive reported 20,167 BTC as of August 7, 2026 (Form 8-K), up from 19,105 after its mid-June 2026 purchases.
Considerations
- !SATA has limited public operating and trading history.
- !ATM issuance can increase the preferred share count.
Best for: Investors comparing newer bitcoin-treasury preferred instruments with high stated income and Nasdaq liquidity.
Common Stock
5.4/10
Overall scoreNYSE-listed bitcoin-native operating company majority-controlled by Tether, with Bitfinex as a founding backer.
NAV Premium/Discount
-32.72%
BTC / Share
₿0.00012547
Total BTC
₿43,514
Market Price
$6.49
Score Breakdown
3.730%NAV Premium
6.015%BTC/Share
4.515%Dilution
7.015%Governance
8.010%Liquidity
8.010%Fees
1.05%Track Record
Highlights
- +One of the largest public corporate bitcoin holders, with about 43,500 BTC.
- +Common stock provides operating-company upside beyond passive bitcoin exposure.
Considerations
- !Very limited operating history after the de-SPAC transaction.
- !Tether bought out SoftBank's stake (about $711 million) in May 2026 and now holds majority control; a proposed three-way merger with Strike and miner Elektron Energy (April 2026) could materially change the entity.
Best for: Investors comparing common-equity bitcoin treasury companies with large BTC holdings and public-market liquidity.
Common Stock
3.6/10
Overall scoreNasdaq bitcoin-native operating company founded by David Bailey through the KindlyMD merger.
NAV Premium/Discount
-64.24%
BTC / Share
₿0.00025678
Total BTC
₿4,468
Market Price
$7.06
Score Breakdown
2.030%NAV Premium
3.515%BTC/Share
0.515%Dilution
6.515%Governance
6.010%Liquidity
8.010%Fees
1.05%Track Record
Highlights
- +Built around a bitcoin treasury plus media, asset management, and advisory businesses.
- +Owns BTC Inc and UTXO Management after February 2026 acquisitions.
Considerations
- !Completed a 1-for-40 reverse stock split on May 22, 2026 to regain Nasdaq $1.00 minimum-bid compliance — a delisting-risk signal.
- !Sold 600 BTC in June 2026 to repay $45 million of Kraken debt (after a roughly 284 BTC sale in Q1), reducing the treasury to about 4,468 BTC.
Best for: Investors comparing deeply discounted but higher-risk bitcoin operating companies with meaningful dilution and execution risk.
Scoring Methodology
Each treasury product receives a composite score (0–10) based on seven weighted factors: NAV premium/discount (30%), BTC per share (15%), dilution rate (15%), governance (15%), liquidity (10%), fee structure (10%), and track record (5%).
View Full MethodologyNot investment advice. Pledge provides comparison data for educational purposes only. Data checked Aug 23, 2026; prices, NAV estimates, BTC holdings, security terms, and liquidity 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 per share calculations use a reference BTC price and may not reflect all corporate assets, liabilities, debt, taxes, or operating costs. See individual product pages for full caveats.
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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.