Public treasury companies
BTC equity decision console
Compare public Bitcoin equities before buying the wrapper.
Side-by-side comparison of public companies with significant Bitcoin treasuries. These are equity claims and capital structures, not direct Bitcoin custody.
Filings and market data move
Premiums can reverse quickly
No self-custody claim
BTC EQUITY DECISION CONSOLESource methodology ⓘ
Compare treasury equities by premium, dilution, liquidity, and leverage.
These are public companies and capital structures, not direct Bitcoin. Start with the table, then use the drawer for risks and source checks.
| Equity | Score | NAV ± | BTC/share | Liquidity | Best fit | Flags |
|---|---|---|---|---|---|---|
| 6.8equity score | -27.10%NAV ± | ₿0.002409₿846,842 total BTC | $21.47Bavg daily volume | Investors seeking the most liquid public-equity proxy for a leveraged bitcoin treasury strategy rather than direct bitcoin ownership. | heavy dilutionliquidnot BTC custody | |
| 6.6equity score | -27.52%NAV ± | ₿0.00003139₿40,177 total BTC | $50.0Mavg daily volume | Investors comparing non-U.S. BTC treasury equities with meaningful liquidity and aggressive bitcoin accumulation. | heavy dilutionliquidnot BTC custody | |
| 5.0equity score | -19.37%NAV ± | ₿0.00033016₿5,048 total BTC | $12.3Mavg daily volume | Historical comparison of smaller BTC treasury equities and acquisition outcomes; current investors should evaluate Strive rather than inactive SMLR common stock. | moderate dilutionlow liquiditynot BTC custody |
Evidence
Why trust this view
Verification
Data checked
Jun 21, 2026
Equity data is a dated snapshot. Market prices move intraday.
Coverage
3 treasury equities
Includes publicly traded companies with material BTC treasuries and SEC or equivalent disclosures.
How we score
Equity methodology
Open the scoring rules before relying on a ranking.
Boundary
Not investment advice
Pledge provides comparison data for educational purposes only.
Discount to NAV, at a glance
NAV PREMIUM / DISCOUNT · TREASURY EQUITIES
What you pay vs. the bitcoin behind it.
Discount to NAVModest premiumRich premiumEditor's pick (MSTR)
How to read it. NAV (net asset value) is the bitcoin backing one share. A discount (left, green) means the market price is below that backing — more bitcoin per dollar; a premium(right) means you pay above it. The inverse, market value ÷ NAV, is the “mNAV” multiple often quoted for treasury companies.
Source: issuer disclosures and market data, snapshot Jun 21, 2026. NAV uses a dated BTC reference price; prices and NAV move intraday, and NAV may exclude debt, taxes, and operating assets. Not investment advice.
Multiple, and bitcoin behind each share
mNAV MULTIPLE · TREASURY EQUITIES
One number: price per dollar of bitcoin.
Below 1.0x (discount)Modest premiumRich premiumEditor's pick (MSTR)
How to read it. The mNAV multiple is the market price divided by the bitcoin behind one share. At 1.0x you pay exactly what the coins are worth; below 1.0x (left, green) you buy a dollar of bitcoin for less than a dollar; above 1.0x you pay a premium for the wrapper.
mNAV = market value ÷ bitcoin-only NAV (the inverse of the NAV premium/discount). Source: issuer disclosures and market data, snapshot Jun 21, 2026. NAV uses a dated BTC reference price; prices and NAV move intraday, and NAV may exclude cash, debt, preferred stock, taxes, and operating assets. Not investment advice.
BITCOIN PER SHARE · TREASURY EQUITIES
How much bitcoin sits behind one share.
BTC per share (log)Editor's pick (MSTR)
How to read it. Each bar is the bitcoin claim behind a single share, shown in satoshis (1 BTC = 100,000,000 sats). The axis is logarithmic because the densest equitypacks roughly a hundred times more bitcoin per share than the thinnest — a linear axis would flatten the small names to nothing. More sats per share is not automatically “better”: read it alongside the mNAV multiple above, since a share can be dense in bitcoin yet still trade at a premium.
BTC per share = issuer bitcoin holdings ÷ shares outstanding, from issuer disclosures and market data, snapshot Jun 21, 2026. Share counts and holdings change with issuance and purchases. Not investment advice.
Quick Comparison
| Ticker | Score | NAV ± | BTC/Share | Total BTC | Market Cap | Price | Volume | Dilution | Leverage | |
|---|---|---|---|---|---|---|---|---|---|---|
 MSTR Strategy Inc. | 6.8 | -27.10% | ₿0.002409 | ₿846,842 | $39.57B | $112.54 | $21.47B | Heavy | 0.15 | Details → |
 3350.T / MTPLF Metaplanet Inc. | 6.6 | -27.52% | ₿0.00003139 | ₿40,177 | $1.87B | $1.46 | $50.0M | Heavy | 0.11 | Details → |
 SMLR Semler Scientific, Inc. | 5.0 | -19.37% | ₿0.00033016 | ₿5,048 | $310.8M | $20.32 | $12.3M | Moderate | 0.30 | Details → |
Product Details
Nasdaq Global Select Market
6.8/10
Overall scoreThe original and largest public bitcoin treasury company.
NAV Premium/Discount
-27.10%
BTC / Share
₿0.002409
Total BTC
₿846,842
Market Cap
$39.57B
Total Debt
$8.25B
D/E Ratio
0.19
Revenue (TTM)
$477.2M
Avg Daily Volume
$21.47B
Price
$112.54
Score Breakdown
6.025%NAV Premium
8.520%BTC/Share
6.815%Leverage
3.015%Dilution
7.010%Operating Biz
10.010%Liquidity
9.05%Management
Highlights
- +Largest reported public-company BTC position at 846,842 BTC as of June 14, 2026.
- +Nasdaq-listed with very deep trading liquidity and broad institutional access.
Considerations
- !Recurring ATM issuance and preferred-stock programs can materially dilute common shareholders.
- !Common equity is exposed to bitcoin, software-business performance, debt, preferred dividends, and market sentiment.
Best for: Investors seeking the most liquid public-equity proxy for a leveraged bitcoin treasury strategy rather than direct bitcoin ownership.
Tokyo Stock Exchange Standard Market
6.6/10
Overall scoreJapan's leading public bitcoin treasury company.
NAV Premium/Discount
-27.52%
BTC / Share
₿0.00003139
Total BTC
₿40,177
Market Cap
$1.87B
Total Debt
$275.0M
D/E Ratio
0.10
Revenue (TTM)
$55.8M
Avg Daily Volume
$50.0M
Price
$1.46
Score Breakdown
7.125%NAV Premium
7.220%BTC/Share
7.815%Leverage
3.015%Dilution
5.510%Operating Biz
8.010%Liquidity
8.05%Management
Highlights
- +Reported 40,177 BTC holdings at March 31, 2026 after a large first-quarter purchase.
- +Tokyo-listed public equity with an OTC ticker for U.S. market access.
Considerations
- !Heavy warrant and stock acquisition-right usage creates material dilution risk.
- !Market data can differ between the Tokyo listing, OTC ticker, and ADR-related instruments.
Best for: Investors comparing non-U.S. BTC treasury equities with meaningful liquidity and aggressive bitcoin accumulation.
Nasdaq Capital Market (inactive after Strive acquisition)
5.0/10
Overall scoreA former Nasdaq medical-device bitcoin treasury company now owned by Strive.
NAV Premium/Discount
-19.37%
BTC / Share
₿0.00033016
Total BTC
₿5,048
Market Cap
$310.8M
Total Debt
$116.4M
D/E Ratio
0.25
Revenue (TTM)
$37.0M
Avg Daily Volume
$12.3M
Price
$20.32
Score Breakdown
6.125%NAV Premium
5.820%BTC/Share
4.515%Leverage
5.515%Dilution
4.010%Operating Biz
1.010%Liquidity
5.55%Management
Highlights
- +Semler was an early U.S. public adopter of a BTC treasury strategy outside the software sector.
- +Held 5,048.1 BTC at the time Strive shareholders approved the acquisition.
Considerations
- !SMLR is no longer an independently traded Nasdaq common equity (delisted January 20, 2026 after the Strive acquisition).
- !Historical equity metrics are not directly investable after the Strive acquisition.
Best for: Historical comparison of smaller BTC treasury equities and acquisition outcomes; current investors should evaluate Strive rather than inactive SMLR common stock.
Scoring Methodology
Each equity receives a composite score (0–10) based on seven weighted factors: NAV premium/discount (25%), BTC per share (20%), leverage ratio (15%), dilution trajectory (15%), operating business (10%), liquidity (10%), and management quality (5%).
View Full MethodologyNot investment advice. Pledge provides comparison data for educational purposes only. Data checked Jun 21, 2026; market prices, filings, BTC holdings, leverage, and share counts can change. Past performance does not guarantee future results.
Affiliate disclosure. Pledge currently does not earn affiliate or referral fees from any product listed on this page. If that changes, monetized links will carry a clear ↗ AFFILIATE marker.
NAV estimates. NAV premium/discount uses common market capitalization versus BTC market value only, before cash, debt, preferred stock, taxes, and operating business value. Estimates are very sensitive to intraday price moves.
Stale data risk. Some equities (e.g. SMLR/Semler) may no longer trade independently due to acquisitions. Verify current trading status before making decisions.
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Not investment advice. Pledge provides comparison data for educational purposes only; it is not financial, investment, legal, or tax advice. Listed rates, terms, and scores can change and Pledge does not guarantee future availability, pricing, approval, or outcomes. Verify current terms with official sources before acting.
Affiliate disclosure. Pledge currently has no affiliate links, referral fees, or sponsored placements. If a paid relationship is ever added, it will be disclosed inline where it appears — and it will not affect rankings or scores.