treasuries
Bitcoin's public scoreboard · which treasury company is cheapest right now relative to its bitcoin?
Market cap is 22% below the value of the bitcoin it holds. Historically a strong accumulation signal. The smart money has stopped paying a premium.
Premium-to-NAV trails
Real per-day mNAV from bitcointreasuries.net · snapshotted to KV
Japan's most aggressive bitcoin treasury company. Pivoted from hospitality to BTC accumulation, raising capital aggressively. Metaplanet →
Tether/SoftBank-backed bitcoin-native treasury vehicle. Designed from day one to hold and grow a BTC position. Twenty One Capital →
Vivek Ramaswamy's asset manager turned bitcoin treasury, listed via the Asset Entities reverse merger. Strive's BTC-on-balance-sheet thesis runs alongside its anti-ESG investment products. Strive Inc →
The original. Software company that pivoted to a leveraged bitcoin treasury strategy in 2020 · now the largest public BTC holder. Strategy →
Recent SEC Filings
Source · EDGAR ↗Most recent 8-K, 10-Q, 10-K, and S-3 filings per US-listed treasury. Updated daily. Metaplanet (JP-listed) discloses on TDnet, not EDGAR.
How to read this scoreboard
What is mNAV?
mNAV stands for “multiple of net asset value.” For a bitcoin treasury company, it's the simplest possible question:
“Is the company's market cap larger or smaller than the value of the bitcoin it holds?”
It's computed by dividing the company's market cap by its BTC holdings × current BTC price. Three readings to know:
- < 1.00×Below NAV. The market cap is less than the value of the bitcoin the company holds. Historically rare, and historically a strong accumulation signal, because the marginal buyer can pay less for treasury equity than they would for the underlying coins.
- ≈ 1.00×At NAV. Market cap roughly equal to the bitcoin held. No premium, no discount. Boring is good.
- > 1.05×Premium. Investors are paying more than the bitcoin is worth. The premium compensates for management quality, leverage capacity (the ability to issue debt and stock to acquire more BTC), or growth expectations. Premiums above ~1.6× have historically been rich.
Why this matters
When a treasury company's mNAV compresses below 1.0×, the marginal sophisticated buyer prefers spot bitcoin to leveraged treasury equity. That's the moment in the cycle when the smart money loses interest in paying for the wrapper · historically correlated with bitcoin price bottoms.
MSTR mNAV is one of the ten signals feeding the Bitcoin Buying Gauge. When this scoreboard turns blue, the gauge over there starts glowing.
Honest caveats
Treasury equity is not the same as spot bitcoin.
- Leverage exposure. Most of these companies fund BTC purchases with debt and stock issuance. Drawdowns hit harder than spot.
- Dilution risk. Aggressive equity issuance can erode per-share BTC over time, even as total BTC grows.
- Tax treatment. Equity is taxed differently than spot bitcoin; check your jurisdiction.
- Counterparty risk. Custody, execution, governance. All of it sits with the company, not in your own wallet.
- Live data lag. BTC holdings are reported by bitcointreasuries.net and update slower than market caps. mNAV here may be stale by hours after large purchases or sales.
Data freshness · cite this page
Last updatedGalaxy Mind, "Bitcoin Treasury mNAV Scoreboard," https://galaxymind.space/treasuries, accessed May 11, 2026.
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