Bitcoin equities · 7 min read
Bitcoin treasury companies compared
Strategy proved a playbook: raise capital, buy Bitcoin, hold. Dozens of public companies now run versions of it. They are not interchangeable — the right way to compare them is by a handful of metrics, not headline BTC counts.
The largest holders (approximate)
As of early 2026, public companies held roughly 1.16 million BTC combined. The biggest holders, in rough order:
| Company | Ticker | BTC held (approx.) |
|---|---|---|
| Strategy | MSTR | ~843,000 |
| Twenty One Capital | XXI | ~43,500 |
| Metaplanet | 3350.T | ~40,000 |
| MARA Holdings | MARA | ~35,000 |
| Bullish | BLSH | ~24,300 |
Holdings change constantly as companies buy and (occasionally) sell. Treat these as ballpark figures and verify against each company's latest filings or a live tracker before acting.
The metrics that actually matter
- mNAV (premium to NAV). How much you pay per dollar of the company's Bitcoin. A lower premium is cheaper exposure; a higher premium implies more embedded leverage and accretion expectations.
- BTC per share, and its growth. The whole point of the model. Is management actually increasing Bitcoin per share over time, or just issuing stock?
- Funding mix. Equity (dilutive but no repayment) vs convertible debt vs preferreds. Debt-heavy treasuries carry more forced-selling risk in a downturn.
- Operating business. Pure holding companies are nearly pure BTC bets; miners (MARA) and operating firms add business risk and cash flows that can help or hurt.
- Jurisdiction and access. Metaplanet (Japan) offers BTC exposure inside a different tax and market wrapper than a US name like MSTR.
Why Strategy is still the benchmark
Strategy holds an order of magnitude more Bitcoin than anyone else, has the deepest capital-markets toolkit (convertibles plus four preferred series), and the longest track record of accretive issuance. Most other treasury companies are explicitly trying to copy its flywheel at smaller scale. That scale is also why MSTR's premium and liquidity tend to lead the group.
How to use this
Don't pick by who holds the most Bitcoin. Pick by which company gives you the exposure profile you want at a premium you're willing to pay — and whether its funding can survive a deep Bitcoin drawdown. The BTC Exposure dashboard helps you see your true blended Bitcoin exposure across whichever names you hold.
Related reading
- Bitcoin treasury companies — live ranked table
- Why MSTR isn't a Bitcoin proxy
- MSTR premium to NAV, explained
- MSTR vs IBIT — which Bitcoin exposure to own
Last updated June 9, 2026. Holdings figures are approximate and change frequently. Educational information only — not investment advice.