Crypto treasury companies in October 2026: which ones trade above the coins they hold

A crypto treasury company is a listed company whose main business is holding a cryptocurrency. The question investors ask about them is simple: is the stock more or less expensive than the coins behind it? The ratio that answers it is called mNAV, and this analysis calculates it for the seven largest U.S.-listed treasury companies, using the share counts, coin holdings, debt, preferred stock and cash in their own SEC filings, priced at the 4 p.m. New York close of October 16, 2026. It was first published with October 9 prices; the week’s change is below.

Two versions of mNAV

The simple version divides market value by the value of the crypto. The second version, which Strategy publishes for itself, uses enterprise value instead: market value plus debt plus preferred stock, minus cash, divided by the crypto. The second is fairer when companies are financed differently, because debt and preferred holders rank ahead of common shareholders on the same coins. Two of these companies — Strategy and Strive — have large preferred issues, so the two versions tell different stories about them.

On enterprise value, two companies trade above their crypto — Strive at 1.41 and Strategy at 1.05 — and five trade below it, from BitMine at 0.92 to Twenty One at 0.66. On market value alone, none is above 1: Strive sits at exactly 1.00 and Strategy at 0.84. Any chart of these companies should say which formula it uses.

The week to October 16

Every ratio fell except Forward’s, because the shares fell more than the coins they hold: between 5.9% and 18.4% for the stocks, against 0.9% to 5.1% for bitcoin, ether, solana and HYPE. The filings do not say why. Strategy also bought 250 bitcoin, sold 125,183 shares and repurchased 1.93 million STRC preferred shares for $192.4 million in the week to October 11; Strive’s figures moved from October 2 to October 9.

What drives the outliers

Strive has the highest enterprise-value mNAV because of its capital structure, not necessarily because the market values it more: its SATA preferred stock, $1.40 billion at its $100 stated amount, is large relative to its $2.67 billion of bitcoin, and it has no debt. After the October 9 snapshot, warrants were exercised into 13.7 million new shares for $369.2 million and it bought 2,822 more bitcoin; counting those, the ratio would be about 1.36. A new preferred stock, SATS — 7 million shares at $90 for $630 million — settles on October 20 and is not included.

Twenty One is the opposite case, and a share-count trap. The company has two share classes, and in its own filing it says the Class B shares “carry no economic rights.” Counting only the Class A shares, its market value at the October 16 close was $1.95 billion — not the roughly $3.2 billion that some data feeds show by adding Class B. That puts it at 0.66 on enterprise value.

Two companies with old snapshots

Each company reports on its own schedule. Strategy, Strive and BitMine publish holdings weekly; the others mostly quarterly. For BitMine and Hyperliquid Strategies, the latest disclosure is not enough to give a precise number:

• BitMine last reported its share count together with its ether and cash on August 16. By October 11 it held 6,028,946 ETH and $612 million of cash (up from $78 million), new money whose source it has not disclosed. The 0.92 uses the August 16 snapshot, where all the figures match; even counting the new coins and cash against the old share count, the ratio stays below 1.
• Hyperliquid Strategies sold another 77.7 million shares by September 30 and bought HYPE with the proceeds, but has not yet said how much. Adding the new shares without the new coins would give a misleading 1.13; the 0.83 uses the June 30 balance sheet.

Forward publishes its own mNAV with a different formula — price divided by net asset value per share — so its figures are not comparable with the 0.88 above. At October 16 prices its solana was worth $879 million, just under the $900 million threshold used when this list was first drawn up; it stays in for comparison.

What counts as a share

The share counts follow each company’s economics. Strategy and Strive count both of their share classes; Twenty One only Class A. Hyperliquid’s convertible preferred stock, which converts into 26.6 million common shares and pays no dividend of its own, is counted as shares. Forward’s 12.4 million vested warrants at $0.06 — shares in all but name — are counted. Options, restricted stock and warrants with a real exercise price are not.

Several large holders were left out on purpose: MARA, a miner moving into energy and AI infrastructure; Trump Media, which is merging with TAE; and exchanges, miners and non-U.S.-listed companies such as Metaplanet. The filings describe balance sheets, not investor sentiment, so this analysis does not try to explain why any ratio is where it is beyond the numbers above.

This site’s crypto treasuries page shows mNAV for more than 60 companies, updated daily, using each company’s last full balance sheet filed with the SEC (shares, crypto, debt and preferred from the same filing, at current prices). Because the weekly 8-K updates used here are newer than the quarterly balance sheets, the two can differ. Neither is a forecast, and neither is investment advice.