#48 BTC Company#24 ETH Company🇰🇷South Korea

Bitmax

Bitmax is a KOSDAQ-listed AR software and IT services company that holds BTC as its main treasury asset and buys it with convertible bond proceeds.

Treasury Company

Software

KOSDAQ:377030

BTC holdings: 551.504
Cost Basis: $59.44M
Average cost / BTC: $107,785
Change since start of year: +0.267 BTC

ETH holdings: 0
Cost Basis: —
Average cost / ETH: —
Change since start of year: —

Market Cap: $19.07M
Enterprise Value: $68.44M
mNAV: 1.69×
Holdings per Share (BTC): —
Holdings per Share (ETH): —

Balance sheet values as of Jun 30, 2026, basic shares as of Jun 30, 2026: DART · Aug 14, 2026

Asset holdings

Latest reported holdings for each asset. Cost Basis is the reported total cost. It can include fees and staking income. It does not give the date or price of each Purchase.

Asset	Holdings	Cost Basis	As of	Sources
BTC	551.5044	₩80,955,860,603.00 KRW	Jun 30, 2026	DART · Aug 14, 2026

HoldingsBTC vs USD value

551.504 BTC

$40.7M USD value · as of 2026-11-10

BTC Holdings (left)
USD Value (right)

BTC Reserve

551.504 BTC

Average Cost $107,785 / BTC

Holdings
Average Cost
Purchase (size = amount)
Sale (size = amount)

BTC historical holdings

Date	Change	Holdings	Cumulative cost	Average Cost	Sources
Jun 30, 2026	+0.2668+0.05%	551.504	$59.44M	$107,785	DART · Aug 14, 2026
Mar 31, 2026	00%	551.238	$59.44M	$107,837	DART · May 15, 2026
Dec 31, 2025	00%	551.238	$59.44M	$107,837	DART · Mar 16, 2026
Sep 30, 2025	+251.14865827+83.69%	551.238	$59.44M	$107,837	DART · Nov 14, 2025
Jun 30, 2025	+212.08894173+241.01%	300.089	$30.73M	$102,410	DART · Aug 14, 2025
Mar 31, 2025	—	88	$8.53M	$96,878	DART · May 15, 2025

Advanced metrics

Date	BTC holdings			Shares outstanding		BTC per share		Stock price	Market Cap		Financials
Date	Balance	Cost Basis	Value	Basic	Diluted	Basic	Diluted	Stock price	Basic	Diluted	Cash	Debt
Jun 30, 2026	551.504	$59.44M	$32.33M	14.3M	—	0.00003862	—	$1.04	$14.8M	—	$6.25M	$55.62M
Mar 31, 2026	551.238	$59.44M	$37.64M	—	—	—	—	$1.93	—	—	—	—
Dec 31, 2025	551.238	$59.44M	$48.31M	—	—	—	—	$4.66	—	—	—	—
Sep 30, 2025	551.238	$59.44M	$62.87M	—	—	—	—	$10.53	—	—	—	—
Jun 30, 2025	300.089	$30.73M	$32.15M	—	—	—	—	$19.36	—	—	—	—
Mar 31, 2025	88	$8.53M	$7.26M	—	—	—	—	$5.57	—	—	—	—

— means no value was disclosed or derivable for that date.Stock prices are daily closes in USD at today's exchange rate.

HoldingsETH vs USD value

0 ETH

$0 USD value · as of 2026-11-10

ETH Holdings (left)
USD Value (right)

ETH Reserve

0 ETH

Average Cost $2,460 / ETH · 0 Purchases and 1 Sale since 2025-05-13

Holdings
Average Cost
Purchase (size = amount)
Sale (size = amount)

ETH historical holdings

Date	Change	Holdings	Cumulative cost	Average Cost	Sources
Jun 30, 2025	-500-100%	0	—	—	DART · Aug 14, 2025
May 13, 2025Sale	-500.6	—	—	—	DART · Nov 14, 2025 +1 more DART · Aug 14, 2025
Mar 31, 2025	—	500	$1.23M	$2,460	DART · May 15, 2025

Advanced metrics

Date	ETH holdings			Shares outstanding		Stock price	Market Cap		Financials
Date	Balance	Cost Basis	Value	Basic	Diluted	Stock price	Basic	Diluted	Cash	Debt
Jun 30, 2025	0	—	$0	—	—	$19.36	—	—	—	—
Mar 31, 2025	500	$1.23M	$911.22K	—	—	$5.57	—	—	—	—