Ethereum Treasuries of Public Companies

We avoid third-party data submissions which are known to introduce biases. Our software independently obtains holdings updates from primary sources in real time. Identified data undergoes manual verification before figures are added to our dataset. This ensures reliable, independent tracking.

We do not include over-the-counter (OTC) stocks in our listings. These often suffer from low trading volume, limited regulatory oversight, and a higher risk of fraudulent or activities, which could mislead users. Our scope is limited to major exchange-listed (e.g., NASDAQ, NYSE) public companies for verifiable and liquid exposure.

Mere announcements of intended Bitcoin acquisitions are not counted as confirmed holdings. We only track actual, reported ownership to avoid speculation. For example, if a company states plans to buy 1,000 BTC but has not yet confirmed the completion of this via filings or press release, it won't appear in our data.

We distinguish between direct spot Bitcoin ownership and holdings in Bitcoin exchange-traded funds (ETFs). ETF positions are not treated as equivalent to a company's own treasury reserves, as they represent pooled, managed assets rather than direct corporate custody. This ensures our metrics reflect true on-balance-sheet Bitcoin exposure, such as in satoshis per share calculations. As such, companies who purely have holdings in Bitcoin ETFs are excluded from our platform.

You can explore historical Bitcoin Treasury data by scrolling through monthly records or selecting specific companies to view acquisitions and disposals of BTC. Key metrics are also visualized through interactive charts to help you analyze trends over time.

Value refers to the USD equivalent of a company’s Bitcoin Treasury. By default, this figure is calculated using the current Bitcoin market price for the most recent holdings data. When viewing historical data, the value is calculated based on the Bitcoin market price on the date the holdings were reported. This approach ensures the valuation reflects the price at the time of each disclosure, providing an accurate snapshot of the company’s Bitcoin worth for both current and past reports.

Satoshis per Share is a metric that shows how much Bitcoin exposure an investor gains per share of a publicly traded company's stock, measured in Satoshis (the smallest unit of Bitcoin). It’s calculated by converting the company’s total Bitcoin holdings into Satoshis (1 Bitcoin = 100,000,000 Satoshis) and dividing by the number of outstanding shares. For example, if a company holds 5,000 BTC and has 50 million shares outstanding, it would have 10,000 Satoshis per share.

mNAV, or Bitcoin NAV Multiple, is a metric that shows how highly a company’s Bitcoin treasury is valued by the market. It’s calculated by dividing the company’s market capitalization by the USD value of its Bitcoin holdings. By default, the USD value is calculated using the current Bitcoin market price for the most recent holdings data. When viewing historical data, the USD value is based on the Bitcoin market price on the date the holdings were reported. For example, if a company has a market cap of $500 million and holds $100 million worth of Bitcoin, its mNAV would be 5. This means the market is valuing the company at 5 times the value of its Bitcoin holdings, potentially reflecting premiums for other assets, operations, or investor sentiment.

%Mcap is the percentage of a company’s market capitalization that is represented by the USD value of its Bitcoin Treasury. It is calculated by dividing the value of the company’s Bitcoin holdings (in USD) by its total market cap, then multiplying by 100 to express it as a percentage. This metric gives investors a sense of how significant Bitcoin is to the company’s overall valuation.