Methodology

Market Cap

The stock price × the basic shares outstanding.

Enterprise Value

Market Cap + total debt + the Notional of perpetual preferred stock − cash.

mNAV

Enterprise Value ÷ the USD value of all Treasury Assets of the Company. Only for Treasury Companies.

Holdings

The BTC holdings of the Company in its latest Holdings Snapshot.

USD value

The BTC holdings × the BTC price.

Holdings per Share

Holdings per Share: the BTC holdings ÷ the assumed diluted shares outstanding. Only for Treasury Companies. BTC is shown in sats (1 BTC = 100,000,000 sats).

Cost Basis

The total USD amount that the Company paid for its BTC holdings. An amount in another currency is converted with the exchange rate of the Market Data Snapshot.

Average Cost

The Cost Basis ÷ the BTC holdings.

Change since the start of the year

The BTC holdings − the BTC holdings in the last Holdings Snapshot before January 1, in units and as a percentage.

Cumulative cost

In the history table, the Cost Basis at the date of each Holdings Snapshot.

NgU

The USD value of the BTC holdings ÷ the Cost Basis.

% of Market Cap

The USD value of the BTC holdings as a percentage of Market Cap.

% of Total Supply

The BTC holdings as a percentage of the Total Supply of BTC. Only a Treasury Asset with a fixed maximum has a Total Supply, for example 21M for BTC.

USD value

The USD value of all Treasury Assets of the Company.

Cost Basis

The total USD amount that the Company paid for all its Treasury Assets. An amount in another currency is converted with the exchange rate of the Market Data Snapshot.

NgU

The USD value of all Treasury Assets of the Company ÷ their Cost Basis.

% of Market Cap

The USD value of all Treasury Assets of the Company as a percentage of Market Cap.

Dominance

The USD value of one Treasury Asset that all Companies on this site hold, as a percentage of the USD value of all Treasury Assets that they hold.

Notional

The liquidation value or principal of one unit of the Credit Instrument.

Rate

The annual dividend or coupon as a percentage of the Notional.

Annual dividend

The rate × the Notional.

Dividend per payment

The annual dividend ÷ the number of payments each year (for example 4 for a quarterly dividend). For a daily dividend, it is the annual dividend ÷ 12 ÷ the number of US business days in the current month, because the Company pays each business day and sets the amount for each month.

Effective yield

The annual dividend ÷ the price.

Premium or discount to Notional

The price ÷ the Notional − 1. Above 0 is a premium to Notional, below 0 is a discount.

Spread

The effective yield − the US 10Y Treasury yield.

Market Cap

The price × the units outstanding.

Total market cap of Digital Credit

The sum of the market cap of all Credit Instruments. It has no value when one Credit Instrument has no price.

Seniority

The order of payment in the Capital Structure of the Company. 1 is paid first. Equal values are paid at the same time.

Asset Rating

BTC Rating: the USD value of the Treasury Assets of the Company ÷ (the Notional of this Credit Instrument + the Notional of all Credit Instruments senior to it or at the same Seniority). Calculated by treasury-company.com. It is not an agency credit rating.

USD Assets

The USD that the Company reports that it keeps next to its Treasury Assets, for example to pay dividends and interest. For Strategy, the "USD Reserve" + the "USD Cash" of its weekly 8-K, as in Strategy's own definition of USD Assets.

Amplification

The USD value of the Treasury Assets of the Company ÷ the net reserve. Net reserve = the USD value of the Treasury Assets − the Notional of the Capital Structure + the USD Assets. Calculated by treasury-company.com.

• When an input is missing, the metric has no value and shows "—". It never shows 0.
• mNAV and Holdings per Share are only for Treasury Companies. They show "—" for Miners and Balance Sheet Holders.
• The list of one Treasury Asset ranks the Companies by their holdings, from the largest. The list of all Treasury Assets ranks them by the USD value of all their Treasury Assets.
• A Notional, total debt, cash, Purchase cost, or Cost Basis in a currency other than USD is converted to USD with the exchange rate of the Market Data Snapshot, not with the rate on the date of the Purchase or the report. Then the NgU is the same as in the currency of the Company.
• treasury-company.com calculates the Asset Rating and the Amplification. They are not the official numbers of the Company, and the Asset Rating is not an agency credit rating. See the differences from Strategy's definitions.

• Only Treasury Assets that the Company owns are counted. Borrowed assets and customer assets are excluded. An asset with no separate owned unit count is excluded until a Source gives that count.
• Pledged Treasury Assets are counted while they remain on the Company's balance sheet. Assets that the Company has derecognized are excluded.
• Holdings of a consolidated subsidiary are counted once in list totals. The parent count excludes holdings that are recorded for a separately tracked subsidiary when a Source supports the split.
• Assets received in a merger are recorded as a Holdings Snapshot. Shares paid for a business do not prove a Purchase cost for its Treasury Assets.
• An Unexplained Decrease marks a decrease that the reported Sale amounts do not fully explain. The mark does not prove a Sale. A Restatement marks a corrected or more precise count.
• A Company with a Source-backed reason for no rank shows an asterisk. It does not use a rank number.

• Curated primary Sources. Holdings Snapshots, Purchases, Sales, Balance Sheet Values, USD Assets, the Capital Structure, and the terms of each Credit Instrument come from regulatory filings, audited statements, and company press releases. Each fact links to at least one Source. The data is in the git repository of this site, and the git history records each change.
• BitcoinTreasuries holdings updates. Holdings Snapshots can also use the Company history on BitcoinTreasuries and its linked Sources, including X posts. These updates use the reported holdings and history date. The linked documents and posts are not separately read. Each update links to the history page and its Sources.
• Treasury Asset prices. A daily job gets the USD prices from CoinGecko.
• US 10Y Treasury yield. A daily job gets it from the US Treasury daily yield curve. When that source is not available, it uses FRED DGS10.
• Exchange rates. A daily job gets the rate of each currency other than USD from FRED: EUR (FRED DEXUSEU), JPY (FRED DEXJPUS), BRL (FRED DEXBZUS), HKD (FRED DEXHKUS), CAD (FRED DEXCAUS), GBP (FRED DEXUSUK), SEK (FRED DEXSDUS), NOK (FRED DEXNOUS), CHF (FRED DEXSZUS), KRW (FRED DEXKOUS), AUD (FRED DEXUSAL), THB (FRED DEXTHUS), CNY (FRED DEXCHUS), SGD (FRED DEXSIUS)Source: Board of Governors of the Federal Reserve System (US), retrieved from FRED, Federal Reserve Bank of St. Louis.
• Stock and Credit Instrument prices. Company stock prices come from Yahoo Finance. Prices from Twelve Data are used for symbols configured for public display, with the provider and the daily close date stored in the Market Data Snapshot. A failed fetch keeps the last value. Values with no price show "—".

Market data has an "as of" date and no Source. Each page uses the latest values.