Bitcoin Treasuries

Bitcoin treasury companies are businesses that hold BTC on their balance sheet as a reserve asset. Some hold a small allocation; for others, accumulating BTC is the core business strategy.

As of 8 October 2026, 173 public companies hold 1.3M BTC, worth $107.71B. That is 6.19% of the total supply of Bitcoin.

Strategy is the largest corporate holder of Bitcoin, with 847,999 BTC. The next largest are Twenty One Capital (43,514 BTC) and Metaplanet (43,000 BTC).

11 governments and public entities are known to hold 619.46K BTC. The largest is United States, with 329,693 BTC. Most government holdings come from law-enforcement seizures; some come from mining or deliberate reserve purchases.

Cost basis is the average price a holder paid per BTC, based on its disclosed purchases. Comparing it with the current BTC price shows whether the holder is in profit or loss, which the Unrealized P/L column works out. A dash means the holder has not disclosed what it paid.

Holdings come from CoinGecko's public treasury data, compiled from company filings, earnings reports, press releases and official government disclosures, and each latest acquisition links to its source. CoinStats refreshes the data and recalculates values once a day; the methodology section above has the details.

It depends on your goals and risk tolerance. Treasury companies give stock-market exposure to BTC, often with added leverage, so gains and losses can be larger than holding BTC directly. Key things to check are mNAV, how purchases are funded, debt levels and dilution. This page is not investment advice.

There is no single best treasury company; it depends on what you are looking for. Investors usually compare mNAV (the premium or discount to holdings), BTC per share and how it has grown, leverage, average cost basis, and whether the company has an operating business beyond holding BTC.

Most raise capital by selling new shares (often through at-the-market offerings), issuing convertible notes or preferred stock, or taking on loans, then use the proceeds to buy BTC. Some also use cash from operations.

mNAV is a company's market capitalization divided by the market value of its BTC holdings. Above 1x, the market values the company at more than its BTC; below 1x, it trades at a discount.