Bitcoin treasuries
Companies that hold crypto on the balance sheet, as reported to the SEC. The number comes from the filing the company signed, not from a press release: since ASU 2023-08 crypto assets are carried at fair value and tagged in XBRL, so this page reads the same statements the auditors did.
Balance sheets as of Jun 30, 2026. 54 companies, $110.12B in crypto.
mNAV here is enterprise value ÷ crypto: market cap plus net debt plus preferred stock, the claims that rank ahead of common shareholders. For the 13 companies whose coin is identified, the holding is marked at the coin price of Sep 27, 2026 — the same number the stock page and our published charts use. The other 41 carry the balance-sheet value, and are dimmed.
| Company | Kind | Crypto held | mNAV | Of market cap | vs. previous quarter | Market cap |
|---|---|---|---|---|---|---|
| MSTRStrategy Inc | Treasury | $71.68B | 1.16x | 112.5% | -4% | $63.72B |
| BMNRBitmine Immersion Technologies Inc | Treasury | $18.74B | 0.88x | 111.5% | +23% | $16.81B |
| XXITwenty One Capital, Inc. | Treasury | $3.68B | 1.32x | 82.0% | -14% | $4.49B |
| GLXYGalaxy Digital Inc. | Treasury | $3.52B | 5.17x | 25.1% | -4% | $14.01B |
| MARAMARA Holdings, Inc. | Treasury | $3.01B | 2.28x | 62.6% | -14% | $4.81B |
| PURRHyperliquid Strategies Inc | Treasury | $1.92B | 1.21x | 78.0% | +178% | $2.46B |
| HUTHut 8 Corp. | Sector operator | $1.5B | — | 12.8% | -7% | $11.66B |
| RIOTRiot Platforms, Inc. | Sector operator | $961.09M | — | 11.5% | -38% | $8.34B |
| DJTTrump Media & Technology Group Corp. | Treasury | $862.45M | 3.81x | 34.2% | first quarter reporting | $2.53B |
| ABTCAmerican Bitcoin Corp. | Treasury | $691.04M | 1.88x | 62.0% | -0% | $1.11B |
| GEMIGemini Space Station, Inc. | Treasury | $570.71M | 1.79x | 82.7% | +22% | $690.4M |
| FWDIForward Industries, Inc. | Treasury | $556.37M | 1.34x | 87.0% | -34% | $639.3M |
| NAKANakamoto Inc. | Treasury | $377.65M | 0.86x | 212.5% | -24% | $177.7M |
| SVIASilvia, Inc. | Treasury | $313.38M | 1.36x | 89.8% | -16% | $349.06M |
| HSDTSolana Co | Treasury | $281.63M | 0.61x | 159.5% | -1% | $176.54M |
| TRONTron Inc. | Treasury | $233.78M | 2.83x | 34.8% | +4% | $671.25M |
| ORBSEightco Holdings Inc. | Treasury | $228.01M | 2.22x | 44.8% | +30% | $509.29M |
| VIRTVirtu Financial, Inc. | Sector operator | $156.23M | — | 3.4% | -20% | $4.62B |
| CLSKCleanspark Inc | Sector operator | $145.18M | — | 4.1% | -10% | $3.54B |
| KEELKeel Infrastructure Corp. | Sector operator | $132.38M | — | 5.9% | -21% | $2.26B |
| CYPHCypherpunk Technologies Inc | Treasury | $129.39M | 2.95x | 33.3% | +75% | $388.88M |
| DFDVDeFi Development Corp. | Treasury | $65.16M | 4.63x | 35.1% | -1% | $185.78M |
| KULRKULR Technology Group, Inc. | Treasury | $63.92M | 1.94x | 56.1% | -14% | $113.85M |
| USBCUSBC, Inc. | Treasury | $58.11M | 3.72x | 28.5% | -13% | $203.81M |
| DVLTDatavault AI Inc. | Treasury | $49.02M | 3.24x | 31.8% | -14% | $154.14M |
| EXODExodus Movement, Inc. | Sector operator | $37.32M | — | 16.5% | -23% | $226.52M |
| GAMEGameSquare Holdings, Inc. | Treasury | $23.45M | 2.19x | 58.6% | +3% | $40M |
| FRMMFORUM MARKETS Inc | Treasury | $21.64M | 4.00x | 33.4% | -24% | $64.81M |
| TAOXTAO Synergies Inc. | Treasury | $16.81M | 2.08x | 51.2% | -33% | $32.85M |
| FLDFold Holdings, Inc. | Treasury | $15.86M | 0.86x | 53.5% | -74% | $29.62M |
| ZSTKZeroStack Corp. | Sector operator | $15.22M | — | 17.0% | -60% | $89.62M |
| BNKKBonk Inc | Treasury | $11.54M | 1.35x | 74.0% | first quarter reporting | $15.61M |
| AGPUAxe Compute Inc. | Sector operator | $11.14M | — | 7.9% | first quarter reporting | $140.95M |
| VIPVulcan Infrastructure & Power Inc. | Sector operator | $6.03M | — | 19.7% | -9% | $30.59M |
| DTCXDatacentrex, Inc. | Sector operator | $5.99M | — | 8.3% | +12% | $71.86M |
| FFAIFaraday Future Intelligent Electric Inc | Treasury | $5.21M | — | 60.8% | -16% | $8.57M |
| AIXCAIxCrypto Holdings, Inc. | Sector operator | $5.21M | — | 15.1% | -16% | $34.62M |
| TWAVTaoWeave, Inc. | Treasury | $4.71M | 1.10x | 79.4% | -35% | $5.93M |
| BTCSBTCS Inc. | Sector operator | $4.52M | — | 5.4% | -48% | $84.33M |
| RBNERobin Energy Ltd. | Treasury | $2.58M | 1.21x | 83.0% | first quarter reporting | $3.1M |
| SRXHSRX Global Inc. | Sector operator | $2.12M | — | 6.5% | -75% | $32.42M |
| NDRAENDRA Life Sciences Inc. | Treasury | $1.9M | 3.83x | 22.1% | -22% | $8.61M |
| CWDCaliberCos Inc. | Treasury | $1.7M | — | 26.6% | -62% | $6.4M |
| COSMCosmos Health Inc. | Sector operator | $1.66M | — | 4.4% | -20% | $37.73M |
| YHCLQR House Inc. | Treasury | $1.41M | — | 85.1% | first quarter reporting | $1.66M |
| NCRANocera Inc | Treasury | $1.38M | — | 33.1% | -14% | $4.16M |
| ONFOOnfolio Holdings, Inc | Treasury | $1.33M | 3.15x | 63.6% | -17% | $2.1M |
| DRKDarkHorse Technologies Inc. | Sector operator | $1.2M | — | 3.9% | -33% | $30.86M |
| CETXCemtrex Inc | Treasury | $970.52K | — | 28.2% | -11% | $3.44M |
| VIDAVIDA Global Inc. | Sector operator | $699.53K | — | 2.1% | -12% | $33.06M |
| PCSAProcessa Pharmaceuticals, Inc. | Sector operator | $472K | — | 9.2% | -70% | $5.11M |
| PFSAProfusa, Inc. | Treasury | $300K | — | 27.3% | 0% | $1.1M |
| YYAIAirwa Inc | Sector operator | $229.95K | — | 6.1% | -99% | $3.74M |
| OLBOLB Group Inc | Sector operator | $100.82K | — | 2.2% | +111% | $4.65M |
How fast this happened
Companies on the list and what they hold, quarter by quarter. What the curve measures is partly the accounting rule catching on: the tag that produces these numbers only became mandatory for December filers at the end of 2025, so earlier quarters undercount. Those are drawn as outlines — the gap in the middle is companies that had not started reporting, not companies that sold.
What the SEC number does not separate, and this page does
- Custody is not treasury. Robinhood reports $26.3B of crypto — it belongs to its customers and leaves the day they withdraw. There is no separate SEC tag for safeguarded assets, so these are marked by hand: 3 companies, kept off the list.
- Below 2% of market cap, crypto is a footnote and not a reason to own the stock. Tesla holds hundreds of millions against more than a trillion in market value. 20 companies sit here.
- A bitcoin ETF is not a company that decided to buy bitcoin — the crypto is its entire purpose. 22 of them file the same tag, and mixing them in would make the list measure ETF adoption instead.
- And 17 companies report more crypto than they are worth on the exchange, with no identified coin to check it against. That is not an error on our side: they announced a treasury and then the stock fell below it. They are marked rather than deleted, because it is the most revealing case on the page. A company whose coin is identified never lands here: for it, crypto above market cap is simply a discount, and it stays on the list with an mNAV below 1.
Self-reported figures from company filings, not independently verified holdings. A balance sheet is a snapshot of quarter end: a company can have bought or sold since. Not investment advice.