pledgeBitcoin treasury companies, explained.
A public company can hold Bitcoin on its balance sheet — and you can buy its stock. But that stock is not the same as the coins. Here is what a treasury company is, what “mNAV” means, how the common stock differs from the preferred dividend instruments, and the risks — in plain English, with the live comparison one click away.
What is a Bitcoin treasury company?
A Bitcoin treasury company is a publicly traded business that deliberately holds Bitcoin on its balance sheet as a core part of its strategy. The most famous example is Strategy (formerly MicroStrategy), but a growing list of companies now do the same thing.
When you buy the company's common stock, you do not own a claim on any specific coins. You own a slice of the company — and that company happens to hold Bitcoin (and often runs other businesses, raises debt, and issues new shares). So you get indirect, often leveraged, Bitcoin exposure wrapped inside an operating company.
What is mNAV, and why does it matter?
NAV is net asset value — roughly the Bitcoin (and other assets) the company holds, expressed per share. mNAV (market-to-NAV) compares the share price to that underlying value. It is usually written as a multiple:
The premium-or-discount is its own moving part, separate from the Bitcoin price. A stock can fall even when Bitcoin is flat, simply because the market decides the premium was too rich. That is why we rank every tracked treasury by exactly this gap rather than quoting a single number that goes stale.
Common stock vs. the preferred dividend instruments
The same companies often issue two very different things. Confusing them is the most common mistake newcomers make.
- What it is: direct ownership of the company.
- Exposure: the full premium-or-discount swing, amplified by any leverage.
- Upside: uncapped — if the company stacks more BTC per share, you benefit.
- Trade-off: you sit at the bottom of the capital structure and wear all the volatility.
- What it is: credit-like securities issued by the same companies.
- Exposure: they target a fixed stated amount (often $100) and pay a stated cash dividend, rather than tracking Bitcoin one-for-one.
- Upside: income-focused, not uncapped BTC appreciation.
- Trade-off: they rank above common stock, but dividends depend on the board and the issuer's credit quality.
Four risks to keep in view
A treasury stock is not a clean proxy for Bitcoin. These four risks are what actually move it — and they are exactly what the comparison scores.
Now see the receipts.
You understand the concepts. The comparison shows the specifics we keep current: each company's premium-or-discount (mNAV), dilution trajectory, governance, liquidity, and overall score — plus the preferred instruments on their own page.
The ones people actually ask
What is a Bitcoin treasury company?
A Bitcoin treasury company is a publicly traded business that deliberately holds Bitcoin on its balance sheet as a core strategy — the best-known example is Strategy (formerly MicroStrategy). When you buy its common stock you own a slice of that company, not a claim on any specific coins. The stock gives you indirect, often leveraged, Bitcoin exposure plus whatever business the company also runs.
What does mNAV or premium-to-NAV mean?
NAV is the net asset value — roughly the Bitcoin (and other assets) a company holds, per share. mNAV (market-to-NAV, sometimes written as a multiple like 1.5x or 0.7x) compares the share price to that underlying value. Above 1x the stock trades at a premium to the Bitcoin it holds; below 1x it trades at a discount. The premium or discount is its own moving part, separate from the Bitcoin price, and it can swing hard. We rank every tracked treasury by exactly this gap on the comparison.
What is the difference between the common stock and the preferred stock (like STRC or SATA)?
Common stock gives you direct ownership upside in the company and full exposure to the premium-or-discount swing. The preferred or dividend instruments — tickers such as STRC and SATA — are credit-like securities issued by the same companies: they typically pay a stated cash dividend and target a fixed stated amount (often $100) rather than tracking Bitcoin one-for-one. They sit higher in the capital structure than common stock but do not give you the same uncapped Bitcoin upside. We cover these separately on the digital-credit comparison.
What are the main risks of buying a Bitcoin treasury company?
Four stand out. Dilution: many of these companies continually issue new shares (ATM programs) to buy more Bitcoin, which can shrink your slice. Leverage: debt and convertible notes amplify moves in both directions. Single-issuer concentration: you are exposed to one management team, one balance sheet, and one set of decisions. And the premium-or-discount gap itself can compress, so the stock can fall even when Bitcoin does not. None of this is investment advice — the comparison shows where each company sits on these factors.