| # | Company | Ticker | Exchange | Type | Approx. BTC Holdings | mNAV Framework |
|---|---|---|---|---|---|---|
| 1 | Strategy™ (MicroStrategy) | MSTR | Nasdaq | Treasury | 629,000+ BTC (verify at strategy.com) | Official — 4 ratio bands |
| 2 | Marathon Digital Holdings | MARA | Nasdaq | Miner Treasury | ~46,000+ BTC | None official |
| 3 | Riot Platforms | RIOT | Nasdaq | Miner | ~19,000+ BTC | None official |
| 4 | Metaplanet | TYO: 3350 | Tokyo Stock Exchange | Treasury Int'l | ~10,000+ BTC (growing rapidly) | Follows MSTR model informally |
| 5 | CleanSpark | CLSK | Nasdaq | Miner | ~10,000+ BTC | None official |
| 6 | Semler Scientific | SMLR | Nasdaq | Treasury | ~3,000+ BTC | None official |
| 7 | Coinbase Global | COIN | Nasdaq | Exchange | Minimal relative to market cap | N/A — not a treasury play |
Holdings are approximate and change frequently. Sources: company dashboards, SEC filings, bitcointreasuries.net. Always verify before relying on these figures.
Bitcoin Treasury Company
Strategy™ (formerly MicroStrategy) pioneered the corporate Bitcoin treasury model in August 2020 when it converted excess cash into Bitcoin. It is now the world's largest corporate Bitcoin holder by a large margin, with holdings that dwarf any other public company.
What separates MSTR from all others: an official equity guidance framework tied to mNAV ratios, a published BTC Yield metric, and a full corporate rebrand to reflect Bitcoin as the primary business. Management issues equity and debt specifically to buy more Bitcoin — it's the mission, not just a treasury allocation.
Bitcoin Miner Treasury
Marathon is the largest US-listed Bitcoin miner by hash rate and has adopted an MSTR-adjacent treasury strategy — holding mined Bitcoin rather than selling it and using equity markets to fund growth. It has accumulated tens of thousands of BTC on its balance sheet.
Bitcoin Miner
Riot is one of the largest Bitcoin miners in North America, with major facilities in Texas. It holds its mined Bitcoin as a treasury asset and has some secondary revenue from power credits and data center operations.
Bitcoin Treasury International
Metaplanet is a Tokyo-listed company that has adopted the MSTR playbook explicitly, positioning itself as "Japan's Strategy." It has been acquiring Bitcoin aggressively and issuing equity to fund purchases, with the explicit goal of becoming the largest corporate Bitcoin holder in Asia.
Bitcoin Treasury
Semler Scientific is a small-cap healthcare technology company that announced a Bitcoin treasury strategy in 2024, becoming one of the earlier non-tech companies to follow the MSTR model. Its Bitcoin holdings are significant relative to its market cap.
Not all companies with Bitcoin on the balance sheet are Bitcoin treasury companies. The distinction matters for analysis:
| Characteristic | Treasury Company | Miner with Holdings | Incidental Holder |
|---|---|---|---|
| Primary purpose | Accumulate and hold Bitcoin as core strategy | Mine Bitcoin; hold as treasury | Operational crypto; Bitcoin held incidentally |
| Acquisition method | Equity/debt issuance → buy BTC | Mining rewards; some purchases | Operational flows |
| mNAV analysis applicable? | Yes — primary metric | Partially — mining business complicates it | No — Bitcoin is incidental |
| Examples | MSTR, Metaplanet, SMLR | MARA, RIOT, CLSK | COIN (exchange), Tesla (sold most holdings) |
Miners hold Bitcoin but their valuation also depends on hash rate, energy costs, halving impacts, and equipment cycles. This makes mNAV analysis incomplete for miners — you need to additionally value the mining operation separately.
For pure Bitcoin price exposure with no mining business complexity, MSTR and Metaplanet are the cleaner vehicles. For exposure to both Bitcoin price and mining economics, MARA and RIOT offer that combination.
See the detailed comparison: MSTR vs MARA vs RIOT — Full Comparison →
Among all Bitcoin treasury companies, only MSTR has a live mNAV calculator with official equity guidance zones. Open MSTR mNAV Calculator →
Get notified when MSTR or key Bitcoin treasury companies make major purchases or hit notable mNAV levels.
Disclaimer: Holdings data is approximate and changes frequently. This content is for informational purposes only and does not constitute financial advice. Always verify data with company disclosures and SEC filings. Consult a financial advisor before investing.