Bitcoin treasury companies worldwide: top 50+, spot ETFs and preferreds — tracked daily
Market Data
Bitcoin · USD₿ 1,286,045
Calculating...
6.12 % of circulating supply▲ +865% accumulation (48 months)Source: data aggregated by CoinGecko · updated Jul 30, 2026
Source: CoinGecko · live price via Kraken WebSocket
Source: CoinGecko · aggregate spot volume · rolling 24h
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Institutional custody · Our own data
Who custodies the Bitcoin held by ETFs?
Coinbase concentrates ~84% of spot ETF BTC. Compare the institutional custody providers — charter, technology, insurance and market concentration.
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Corporate Treasuries
→The largest Bitcoin treasuries in the world
Strategy (MicroStrategy)
$93.33
▼ 2.94%Twenty One Capital
$4.35
▼ 1.14%Metaplanet
$1.32
▼ 0.92%MARA Holdings
$10.05
▼ 11.69%Bitcoin Standard Treasury
Galaxy Digital
$18.26
▼ 12.80%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 · Jul 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 · Jul 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 every business day since June 2026 — the market's first daily-pay preferred. Currently at 13% per year. Trades near par ($100) to enable continuous ATM issuances and fund Bitcoin accumulation.
Stretch
Strategy
12%
fixed dividend
Perpetual preferred with a 12% dividend paid twice a month (on the 15th and last day of each month) since June 2026. 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.
Stream
Strategy
10%
fixed dividend
Euro-denominated perpetual preferred with a 10% cumulative dividend paid quarterly. It trades on Luxembourg's Euro MTF, not on Nasdaq.
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, set to become the first perpetual preferred ever listed in Japan; the listing has been delayed since May 2026 by the Japanese exchange's requirements.
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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
₿ 154,723
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
₿ 47,314
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
₿ 39,131
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
₿ 20,907
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 hits five weeks without buying Bitcoin and lifts its dollar reserve to $3.75 billion
Corporate treasuries pass 1.28 million BTC and post their biggest buying quarter
Bitcoin Standard Treasury (BSTR), Adam Back's treasury, enters the global top ranks before it even trades
Record ETF outflows, Bitcoin at half its all-time high and preferreds below par: the market picture as July begins
Strategy's (STRC) and Strive's (SATA) preferreds fall well below par value
Strategy sells Bitcoin for the first time since 2022 — 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
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.
Can a Bitcoin treasury company be forced to sell? Strategy's 2026 pivot
→ A Bitcoin treasury company with no secured debt cannot receive a margin call on its BTC: the real risk isn't collateral, it's the dollar cash needed to pay preferred dividends and interest.
STRC vs SATA: which Bitcoin preferred pays more — and which held up better? (July 2026)
→ SATA pays 13% a year in ~250 daily installments (compounded effective yield ~13.9%) and trades near par; STRC pays 12% semi-monthly and trades around $87, still ~13% below its $100 par.
Bitcoin preferred stocks: what they are, how they work and who issues them (2026 guide)
→ A Bitcoin preferred is a perpetual security paying a fixed or variable dividend on a par value (typically $100), issued by a company whose solvency rests on its Bitcoin treasury and its access to capital markets.
Who custodies institutional Bitcoin? Coinbase, Fidelity, BitGo, Anchorage and Gemini, compared (2026)
→ Coinbase Custody is the dominant custodian of the US spot ETFs: it backs the vast majority of products on the market, including IBIT. Efficient, but it concentrates a single point of failure the market itself watches.
How to start a Bitcoin treasury at your company (2026): a step-by-step guide
→ The most common mistake is starting with the purchase: a defensible treasury starts with the mandate and the written treasury policy — how much, what for, with what limits and who executes.
How many Bitcoin does Strategy (MicroStrategy) hold? Verified, up-to-date holdings (July 2026)
→ Strategy holds 847,363 BTC (June 2026): the world's largest corporate Bitcoin treasury, ~4% of total supply and close to 66% of all the BTC held by listed companies.
Bitcoin CEDEARs in Argentina: how to invest in BTC from BYMA (2026)
→ Two real routes for Bitcoin exposure via CEDEAR on BYMA: the spot ETF IBIT (tracks BTC's price) and the treasury Strategy (MSTR).
What percentage of Bitcoin is in institutional hands? (2026)
→ Listed treasuries, spot ETFs and sovereign states together hold around 2.5 million BTC: more than 12% of circulating Bitcoin.
How to add Bitcoin data to your website or blog for free (2026 guide)
→ A Bitcoin widget embeds with two lines of code and updates on its own daily: you never edit figures by hand again.
Cryptocurrencies for legal entities: the legal, tax and operational guide (2026)
→ A legal entity (LLC, public company, foundation…) can buy and hold cryptocurrencies like any other balance-sheet asset: there is no general prohibition.
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 12% 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.
La cara oculta del emprendimiento — SMTB EP. 17
Vas a dejar de pensar en euros y a medir tu riqueza en satoshis — SMTB EP. 16
La tokenización cambiará las empresas mucho antes de lo que imaginas — SMTB EP. 15
La tokenización será la mayor oportunidad de esta década — SMTB EP. 14
Es por esto que la IA nos hace más necesarios que nunca — SMTB EP. 13
El mayor error de los inversores en Bitcoin — SMTB EP. 12
Invertí en 35 startups y aprendí esto demasiado tarde — SMTB EP. 11
¿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
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