Bitcoin treasury companies worldwide: top 50+, spot ETFs and preferreds — tracked daily
Market Data
Bitcoin · USD₿ 1,277,540
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6.08 % of circulating supply▲ +865% accumulation (48 months)Source: data aggregated by CoinGecko · updated Jun 15, 2026
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Source: CoinGecko · aggregate spot volume · rolling 24h
Weekly Flows · ETFs & Treasuries
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Track your treasuries, ETFs, preferred stocks and direct BTC in a single view. Saved to your account, benchmarked against BTC, with our editorial metrics applied to your real positions.
Corporate Treasuries
→The largest Bitcoin treasuries in the world
Strategy (MicroStrategy)
$123.97
▲ 3.18%Twenty One Capital
$5.77
▲ 0.87%Metaplanet
$1.45
▲ 3.57%MARA Holdings
$14.08
▲ 3.45%Bitcoin Standard Treasury
Galaxy Digital
$33.36
▲ 0.27%Tool
mNAV Tracker
At how many times its NAV does each treasury trade? Live premiums and discounts for every pure-play Bitcoin treasury.
Treasury Map
52 companies · size proportional to BTC on balance sheet
Podcast (in Spanish)
Show Me The Bitcoin
Long-form conversations with the leaders of corporate Bitcoin. Treasuries, institutional adoption, DeFi and regulation — no noise, hosted by Standard 21.
Miner Issuance vs. Treasury Purchases
Monthly new BTC (miners) vs. BTC purchased by corporate treasuries — May 2021 · Apr 2026
Mining: ~27,000 BTC/month pre-halving · ~13,500 BTC/month post-halving (Apr 19, 2024). Treasury purchases: aggregate data from listed companies (Strategy, Metaplanet, GameStop, Coinbase and others) cross-referencing Bitcoin Magazine, CoinDesk, The Block and bitcointreasuries.net. 2021–2023 dominated by MicroStrategy · Apr 26 is the month in progress.
Timeline
History of the Bitcoin Treasury Movement
From the genesis block to the first halving, from MicroStrategy to Standard 21. The milestones that changed corporate money.
Bitcoin-Backed Perpetual Preferreds
→Fixed-income instruments with exposure to corporate Bitcoin balance sheets
Strive Preferred
Strive
13%
fixed dividend
Strive's perpetual preferred with a variable-rate dividend paid monthly. Currently at 13% per year after the latest upward reset. Trades near par ($100) to enable continuous ATM issuances and fund Bitcoin accumulation.
Stretch
Strategy
11.5%
fixed dividend
Perpetual preferred with an 11.5% dividend paid monthly. Designed to trade near par, enabling continuous ATM issuances to accumulate BTC.
Strife
Strategy
10%
fixed dividend
Perpetual preferred with a 10% cumulative dividend paid quarterly. Higher yield with the same exposure to Strategy's BTC balance sheet.
Stride
Strategy
10%
fixed dividend
Perpetual preferred with a 10% dividend paid quarterly. Non-cumulative dividend and junior position within Strategy's preferred stock series.
Strike
Strategy
8%
fixed dividend
Perpetual preferred with an 8% cumulative dividend paid quarterly. First issuance in Strategy's preferred stock series.
Metaplanet Mercury
Metaplanet
4.9%
fixed dividend
Perpetual preferred announced by Metaplanet (not yet trading). 4.9% annual yield on a ¥1,000 par value, designed to fund Bitcoin accumulation from the Japanese fixed income market.
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How much would you have today if you had invested in BTC, MSTR or the S&P 500? Compare scenarios by amount and start date.
Spot Bitcoin ETFs
→12 ETFs · ₿ 1,283,270 in custody · $79.15B AUM
iShares Bitcoin Trust
BlackRock
$49.00B
AUM
BTC in Custody
₿ 791,043
BTC Value
—
The world's largest spot Bitcoin ETF by AUM. Launched by BlackRock in January 2024, it has gathered more capital than any ETF launch in history.
Fidelity Wise Origin Bitcoin Fund
Fidelity Investments
$11.28B
AUM
BTC in Custody
₿ 182,587
BTC Value
—
Fidelity's spot Bitcoin ETF. Self-custody (Fidelity Digital Assets), without relying on Coinbase, unlike almost all of its competitors.
Grayscale Bitcoin Trust
Grayscale Investments
$10.18B
AUM
BTC in Custody
₿ 163,574
BTC Value
—
The oldest Bitcoin trust on the market. Converted to an ETF in January 2024, it has suffered major net outflows due to its high TER (1.5%).
ARK 21Shares Bitcoin ETF
ARK Invest · 21Shares
$2.84B
AUM
BTC in Custody
₿ 46,050
BTC Value
—
A collaboration between ARK Invest (Cathie Wood) and 21Shares, Europe's largest crypto ETP issuer. A 0.21% TER, slightly below IBIT and FBTC.
Bitwise Bitcoin ETF
Bitwise Asset Management
$2.40B
AUM
BTC in Custody
₿ 38,769
BTC Value
—
Bitwise's ETF, a crypto-native manager with one of the strongest transparency commitments in the sector (public on-chain addresses).
VanEck Bitcoin Trust
VanEck
$1.29B
AUM
BTC in Custody
₿ 21,000
BTC Value
—
VanEck's ETF with the HODL ticker, a nod to the famous Bitcoin meme. One of the few that doesn't use Coinbase Custody (it chooses Gemini).
Tool
Treasury Stress Test
What happens to each treasury if BTC drops to 50k? To 20k? See each company's ruin price and margin of safety.
Strategy sells Bitcoin for the first time ever — then buys back 1,550 BTC a week later
Treasuries buy the dip: record corporate accumulation with Bitcoin at half its all-time high
American Bitcoin reaches 7,021 BTC and posts its best mining quarter in Q1 2026
Spot Bitcoin ETFs string together nine sessions of net inflows and add $1.18 billion in three days
Strategy approaches one million Bitcoin: the math of a target now within reach
Metaplanet funds its treasury with $50M in zero-coupon bonds: the Japanese playbook that sets the 'MicroStrategy of Asia' apart
Strategy passes 766,000 BTC and widens its lead as the world's largest corporate treasury
Metaplanet posts a 310% BTC Yield in 2024, the highest of any listed treasury
Standard 21 becomes the first Spanish Bitcoin-native corporate treasury
Twenty One Capital debuts with 43,514 BTC backed by Tether, SoftBank and Cantor Fitzgerald
STRF, Strategy's 10% preferred, posts record volume in the secondary market
Bitcoin reclaims $90,000 and revives appetite for corporate treasuries worldwide
Reference
Bitcoin & Treasury Glossary
mNAV, BTC Yield, Halving, perpetual preferreds, UTXO… clear definitions of 35+ essential terms of the ecosystem.
Learn
Foundational guides
What is a Bitcoin treasury company
What they are, how companies with Bitcoin on the balance sheet work, and how to tell the serious ones from the opportunists.
13 min · GuidePillar · ValuationmNAV explained
The key metric for valuing a Bitcoin treasury: premium, discount and how to use it well.
12 min · GuidePillar · PerformanceBTC Yield
How Bitcoin-per-share performance is calculated and why it matters more than the stock price.
13 min · GuideFor companies and CFOs
Bitcoin for companies
How to add Bitcoin to your company's treasury: execution and custody, FASB vs IFRS accounting, treasury policy and the MicroStrategy playbook. Guides, concepts and live data.
Bitcoin treasury companies 2026: the complete list of firms holding BTC
→ Aggregate corporate balance-sheet holdings exceed 1.1 million BTC in 2026 — around 5.5% of total supply.
Bitcoin custody: the complete 2026 guide — exchange, cold wallet or institutional custodian
→ Whoever controls the keys controls the Bitcoin: the three real models are exchange (convenient, counterparty risk), regulated custodian (auditable guarantees) and self-custody (full control, full responsibility).
How to protect company cash from inflation (and why Bitcoin enters the conversation)
→ Cash on hand loses purchasing power to inflation: a real cost even if it never shows up in the income statement — the 'silent tax on liquidity'.
MicroStrategy's balance-sheet strategy: Strategy's financial engineering explained
→ Strategy's model is not 'buy and hold': it is raising capital in public markets (convertible debt, ATM offerings, preferreds) and deploying it into Bitcoin continuously.
Bitcoin stocks: how to invest in Bitcoin treasury companies (2026)
→ The best-known 'Bitcoin stocks' are the treasuries: listed companies whose balance sheet is, in essence, Bitcoin (MicroStrategy, Metaplanet, Twenty One, Strive).
How to buy MicroStrategy (MSTR) stock
→ MSTR trades on Nasdaq: any broker with US market access offers it (Interactive Brokers, DEGIRO, Trade Republic, eToro…).
How to buy Metaplanet (3350) stock
→ Metaplanet trades on the Tokyo Stock Exchange (ticker 3350.T): not every broker gives Japan access.
How to buy Twenty One (XXI) stock
→ Twenty One (XXI) is a pure Bitcoin-native treasury, backed by Tether, SoftBank and Cantor Fitzgerald.
How to buy Strive (ASST) stock
→ Strive (ASST) is a pure treasury after the merger with Asset Entities, backed by Vivek Ramaswamy's asset manager.
Bitcoin taxation in Spain 2026: income tax, Form 721 and inheritance
→ Holding Bitcoin isn't taxed; you're taxed when you sell it, swap it for another crypto or receive an airdrop. The gain goes to the IRPF savings base (≈19–30% in 2026).
Bitcoin accounting for companies: FASB vs IFRS
→ Under US GAAP, FASB ASC 350-60 (mandatory for fiscal years starting after Dec 15, 2024) requires measuring Bitcoin at fair value, recognising gains and losses in the income statement.
How to buy Bitcoin for a company: a treasury execution guide (2026)
→ Before buying, a company needs a board-approved Bitcoin treasury policy: allocation target, cadence, custody, accounting and governance.
Institutional Bitcoin investment 2026: ETFs, treasuries and states
→ Institutional capital enters Bitcoin through three lanes: spot ETFs (>$105B AUM, with Goldman, Morgan Stanley and sovereign funds among holders), corporate treasuries (>180 listed, ~1.1M BTC) and states (El Salvador).
Best Bitcoin ETFs 2026: a comparison of the spot ETFs (IBIT, FBTC, GBTC and more)
→ All spot ETFs track the price of Bitcoin: the real differentiators are the fee (TER), size/liquidity, issuer and custodian.
Bitcoin dividends: how to generate income with BTC exposure (2026)
→ Bitcoin pays no dividends: it has no cash flow and cannot be staked (it uses proof of work). Any product promising 'yield for staking Bitcoin' is a loan with counterparty risk or outright fraud.
Bitcoin ETFs from the EU: why you can't buy IBIT and what alternatives you have (2026)
→ The EU retail investor cannot buy IBIT, FBTC or any US spot Bitcoin ETF: the PRIIPs rules require a document (KID) that US ETFs don't issue.
Chivo Wallet, four years later: from the legal-tender experiment to El Salvador's sovereign Bitcoin treasury
→ Chivo Wallet, launched in September 2021 with a $30 BTC bonus, is being sold or wound down in 2026 after years of technical failures, fraud and low real adoption.
Bitcoin treasuries in Latin America 2026: was Mercado Libre the only one? The full map
→ OranjeBTC (B3: OBTC3) is Latin America's largest Bitcoin treasury with 3,762 BTC and a Strategy-style pure-play model; it went public in Brazil via a reverse merger.
Bitcoin in Colombia, Chile and Peru: the 2026 Andean regulatory map
→ Chile leads Latam with the Fintech Law 21,521 (2022) and the CMF's NCG 502 — the most advanced crypto regulation in the region.
How to buy Bitcoin in Argentina 2026: from the retail broker to corporate treasuries
→ Lemon Cash, Buenbit and Ripio dominate Argentine retail crypto, all registered as VASPs at the CNV under General Resolution 1058/2025.
How to buy Bitcoin in Mexico 2026: from the retail broker to corporate treasuries
→ Bitso leads Mexican retail: CNBV license, free unlimited SPEI and 0% commission on basic trading.
HODL stocks: the listed companies that never sell their Bitcoin
→ A HODL stock is one of a listed company with BTC on the balance sheet AND a declared no-sell policy, backed by a track record.
STRC and the rise of Digital Credit: Strategy's monthly preferred comes to the blockchain
→ STRC raised $2,521M in its July 2025 IPO: the largest perpetual preferred offering in the US since 2009 and the largest US IPO of the year.
What is a Bitcoin treasury company? The complete guide (2026)
→ More than 50 public companies across 15 countries hold Bitcoin as a strategic reserve in 2026.
mNAV explained: the key metric for valuing Bitcoin treasury companies
→ mNAV > 1 means a premium: the market pays more than the value of the BTC on the balance sheet.
BTC Yield explained: the metric reshaping corporate accounting
→ BTC Yield = (BTC per share at end − BTC per share at start) / BTC per share at start.
How to read a Bitcoin treasury's balance sheet: a practical investor guide
→ The value of the Bitcoin on the balance sheet is not the same as the company's value to the shareholder.
Standard 21 and the birth of the corporate Bitcoin ecosystem in Spain
→ Standard 21 is Spain's first Bitcoin-native corporate treasury: built from day zero to accumulate BTC as a strategic reserve, not pivoting into it.
Halvings, programmed scarcity and price: Bitcoin's deflationary mechanics explained
→ The April 2024 halving cut Bitcoin's issuance from 6.25 to 3.125 BTC per block.
Metaplanet: why the Japanese company is replicating the Saylor model with exceptional results
→ Metaplanet went from 117 BTC in April 2024 to more than 40,000 BTC by year-end.
Lightning Network: how Bitcoin is solving the everyday-payments problem
→ Lightning enables payments in milliseconds with fees of fractions of a cent.
El Salvador and Bhutan: two models of state-level Bitcoin sovereignty
→ El Salvador accumulates Bitcoin through daily purchases and a sovereign fund backed by tourism and geothermal mining.
The mNAV thesis: when it's worth paying a premium over a company's Bitcoin value
→ An mNAV of 2x means the market values the company at twice the value of its Bitcoin.
Strategy's perpetual preferreds: fixed income with indirect Bitcoin exposure
→ Strategy's preferreds pay between 8% and 11.5% in fixed annual dividends.
BTC Yield: the metric redefining how we measure a company's value
→ BTC Yield measures the increase in BTC per diluted share, not the asset's price.
The Michael Saylor playbook: why companies are converting their cash into Bitcoin
→ Strategy holds more than 766,000 BTC with a total investment above $35 billion.
¿Qué pasa si Bitcoin pierde la batalla? — SMTB EP. 10
Tu familia podría perder todos tus Bitcoin — SMTB EP. 9
Los bancos ya perdieron contra Bitcoin — SMTB EP. 8
La propiedad privada ya no funciona — SMTB EP. 7
Cómo simplificar Bitcoin (para siempre) — SMTB EP. 6
Cómo generar rentabilidad con Bitcoin (sin vender) — SMTB EP. 5
Te están quitando Bitcoin (y no lo ves) — SMTB EP. 4
Si entiendes esto, entiendes Bitcoin — SMTB EP. 3
El problema de la IA (nadie lo está viendo) — SMTB EP. 2
Conoce una Tesorera de Bitcoin desde dentro. Conoce Standard 21 — SMTB EP. 1
¿Qué sabes del Bitcoin Standard y de las tesoreras de BTC? — SMTB EP. 0
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