Bitcoin Treasury Companies: Why Public Firms Buy Bitcoin
Bitcoin treasury companies hold BTC as a reserve asset instead of cash. Learn why public firms buy Bitcoin, how they profit, and which companies lead the trend.
Key takeaways
- A bitcoin treasury company is a publicly traded firm that holds Bitcoin as a long-term reserve asset on its balance sheet – similar to how companies once held cash or gold.
- Bitcoin treasury companies span a spectrum: pure-play accumulators, Bitcoin miners that retain mined BTC, and traditional companies that adopted BTC as a reserve alongside their core business.
- BTC per share is the key metric for evaluating whether a treasury strategy is genuinely creating value for shareholders or just buying exposure.
- BTC volatility now directly impacts earnings under new FASB rules, while excessive share dilution can reduce per-share value.
A Bitcoin treasury company is a publicly traded firm that holds Bitcoin on its balance sheet as a long-term reserve asset. Their core argument: Bitcoin's fixed supply makes it a better reserve than fiat currency over the long run.
That thesis has gone from fringe to mainstream in just a few years. Understanding how these companies work, and why they keep buying, is increasingly relevant for investors watching institutional Bitcoin adoption.
What Is a Bitcoin Treasury Company?
| A Bitcoin treasury company is a public firm whose balance sheet holds Bitcoin as a primary or significant reserve asset. Instead of keeping excess cash in bonds or money market funds, these companies buy and hold BTC, treating it as a store of value and a potential growth asset. |
The term covers a wide range of companies.
- At one end are pure-play treasury vehicles like Strategy (formerly MicroStrategy), which exist almost entirely to accumulate BTC.
- At the other end are operational businesses – Bitcoin miners, gaming companies, healthcare firms – that hold Bitcoin alongside a functioning core business.
What they share is the belief that Bitcoin is a superior long-term store of value compared to cash.
This is different from owning a Bitcoin ETF. A treasury company holds actual BTC on its own balance sheet. Shareholders gain exposure to Bitcoin through the company's stock, usually at a premium or discount to the underlying BTC value, which creates a whole separate layer of investment dynamics discussed below.
Why Companies Hold Bitcoin on Their Balance Sheet
Companies hold Bitcoin on their balance sheets for three interconnected reasons:
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Hedge against inflation and dollar debasement
The original corporate Bitcoin argument, popularized by Strategy CEO Michael Saylor starting in August 2020, goes like this: holding large cash reserves is slow-motion value destruction. Central banks can expand money supply without limit; Bitcoin cannot. Its protocol caps total supply at 21 million coins permanently.
For companies sitting on significant cash reserves with limited high-return reinvestment options, that asymmetry is compelling. Rather than watching purchasing power erode, they convert cash into an asset with no inflation mechanism.
Long-term BTC appreciation as core thesis
Beyond inflation hedging, most bitcoin treasury companies are making an active bet that Bitcoin will be worth significantly more in five to ten years than it is today.
For Strategy, this appreciation thesis is the business model. The company has spent over $61.8 billion acquiring Bitcoin and functions essentially as a leveraged BTC holding vehicle with public market access.
The bet is straightforward: if Bitcoin's long-term value rises substantially, the total return on the treasury will outperform almost any conventional alternative use of that capital.
The capital markets flywheel
This is the most sophisticated piece of the model and the part that separates serious treasury strategies from simple BTC purchases.
Here's how it works:
- When a company holds large Bitcoin reserves, its stock often trades at a premium to the underlying BTC value, known as the mNAV multiple (market cap divided by the dollar value of BTC held).
- Investors pay that premium because the stock gives them regulated, liquid, leverage-enhanced Bitcoin exposure without needing a crypto wallet.
That premium makes issuing new equity highly attractive: the company sells shares at a price above its Bitcoin book value, uses the proceeds to buy more BTC, which:
- increases Bitcoin per share
- sustains investor interest
- keeps the stock premium elevated
Each round of equity issuance can be accretive – buying more value than it dilutes, as long as the mNAV holds.
Strategy described its own Q1 2026 share issuance clearly: 1.45 million Class A shares sold for $255 million in net proceeds, immediately deployed to purchase 3,273 BTC at an average price of $77,906 per coin.
How Bitcoin Treasury Companies Make Money
Bitcoin treasury companies generate returns through four main mechanisms, which often work together.
Bitcoin price appreciation
The most direct source of value: buy BTC, hold it, benefit if the price rises.
Under the new FASB fair-value accounting rules that took effect in 2025, companies must now mark their Bitcoin holdings to market each quarter. Unrealized gains flow into quarterly earnings, and so do unrealized losses.
This means a 20% BTC price drop can produce a multi-billion dollar paper loss on a single earnings report, even if the company sold nothing.
Strategy reported a $12.54 billion paper loss in Q1 2026 due to this dynamic, driven by Bitcoin's price pullback in early 2026. Shares still rose as BTC recovered, illustrating how investors in this space often look through short-term FASB noise and focus on BTC per share metrics instead.
Stock premiums to NAV
The mNAV multiple is the key valuation metric for bitcoin treasury stocks.
An mNAV of 2x means investors are paying $2 for every $1 of Bitcoin on the company's balance sheet. That premium reflects the value of the capital markets flywheel, management's track record, and the optionality of continued accumulation.
- Strategy has historically traded at an mNAV of 1.5x to 2.5x. When that premium is high, issuing equity is highly accretive, the company raises more capital per share than the BTC it already holds per share.
- When the premium compresses toward 1x, that advantage disappears. Monitoring mNAV is therefore essential for understanding whether any given treasury company is creating or destroying value with its capital raises.
Convertible debt and equity issuance
Most large bitcoin treasury companies fund BTC purchases through capital markets, not operational cash flow.
The two main tools are:
- At-the-market (ATM) equity offerings – selling new shares continuously at market price
- Convertible notes – debt that converts to equity at a premium, carrying low interest rates because bondholders get upside participation
Convertible notes are particularly attractive: the company raises cash at low cost, buys Bitcoin, and the bond market effectively subsidizes BTC accumulation.
Strategy has used this mechanism at scale across multiple tranches, establishing dual $21 billion ATM programs for both its common stock and preferred stock as of March 2026.
BTC per Share Growth as a KPI
The internal metric most treasury companies use to evaluate their own performance is BTC yield – the percentage growth in Bitcoin held per diluted share over a given period. This is more meaningful than raw BTC holdings because it accounts for the dilution caused by new equity issuances.
- A company that triples its Bitcoin holdings but issues ten times as many shares in the process has actually reduced per-share BTC exposure.
- One that grows BTC per share at 30% annually is genuinely compounding value for existing shareholders.
Strategy reported a Bitcoin Yield of 9.6% year-to-date as of late April 2026. Metaplanet reported 2.8% for Q1 2026 alone.
Top 8 Bitcoin Treasury Companies (2026 Updated)
Public companies collectively held approximately 1.16 million BTC as of early 2026, representing roughly 5.5% of Bitcoin's total fixed supply.
The companies below represent the most significant players by holdings and strategic influence.
Company | Ticker | BTC Holdings | Avg Cost/BTC | Type |
| Strategy | MSTR | ~818,334 BTC | ~$75,537 | Pure-play treasury |
| Twenty One Capital | XXI | ~43,514 BTC | N/A | Pure-play treasury |
| Metaplanet | 3350/MTPLF | ~40,177 BTC | ~$97,593 | Pure-play treasury |
| MARA Holdings | MARA | ~38,689 BTC | N/A | Miner + treasury |
| Bitcoin Std. Treasury | BSTR | ~30,021 BTC | N/A | Pure-play treasury |
| Riot Platforms | RIOT | ~15,680 BTC | N/A | Miner + treasury |
| Semler Scientific* | SMLR | ~5,048 BTC | ~$94,877 | Hybrid (healthcare) |
| Boyaa Interactive | 0434.HK | ~4,091 BTC | ~$68,198 | Hybrid (gaming/Web3) |
*Semler Scientific was acquired by Strive (ASST) in January 2026. See section below. Holdings data sourced from BitcoinTreasuries.net, CoinGecko, and company disclosures as of May 2026. Subject to change.
Strategy (MSTR)
Strategy is the undisputed category leader.
As of late April 2026, the company held 818,334 BTC – more than 60% of all Bitcoin held by publicly traded companies worldwide. It acquired those holdings at a total cost of approximately $61.8 billion, averaging around $75,537 per BTC.
The company has spent $61.8 billion on its Bitcoin holdings, funded through a combination of convertible notes, ATM equity offerings, and preferred stock programs.
For investors, Strategy functions as a leveraged, publicly regulated proxy for Bitcoin. The stock tends to amplify BTC price movements in both directions, and its mNAV premium reflects the market's confidence in the strategy and management.
Twenty One Capital (XXI)
Twenty One Capital is the most significant new entrant to the bitcoin treasury space, debuting in December 2025 via a SPAC merger and listing on NYSE under the ticker XXI.
Backed by Tether, SoftBank, and Cantor Fitzgerald, the company launched with 43,514 BTC and a mandate to maximize Bitcoin per share through capital markets activity.
What distinguishes XXI from most peers is its founding structure: it launched as a Bitcoin-native company from day one, with no legacy business to transition away from.
CEO Jack Mallers (also the founder of Strike) has framed the company as "the ultimate vehicle for capital markets to access Bitcoin".
MARA
MARA Holdings is one of the largest Bitcoin mining companies in the world and represents a different flavor of bitcoin treasury strategy. Rather than buying BTC through capital markets, MARA generates Bitcoin through mining operations and retains a portion as treasury.
In Q1 2026, MARA made a significant balance sheet decision: it sold 15,133 BTC for approximately $1.1 billion between March 4 and March 25, using the proceeds primarily to repurchase convertible notes and reduce dilution risk.
The sale dropped MARA to approximately 38,689 BTC in holdings and signaled a shift toward capital structure management over pure accumulation.
Riot Platforms
Riot Platforms operates one of the largest Bitcoin mining facilities in the US, with a deployed hashrate of 42.5 EH/s as of Q1 2026 – a 26% increase from the prior year. Like MARA, its Bitcoin holdings are generated through operations rather than capital market purchases.
In Q1 2026, Riot sold 3,778 BTC for $289.5 million at an average price of $76,626 per coin, describing the transaction as "routine treasury management to generate fiat liquidity for operational and capital expenses." The company ended the quarter holding 15,680 BTC (including 5,802 restricted BTC pledged as collateral).
Riot's treasury should be understood in the context of its mining operations: BTC is both the product of the business and a reserve asset, and the company actively manages the balance between retaining and selling based on operational needs.
Metaplanet
Metaplanet is Japan's first publicly listed Bitcoin treasury company and the most prominent example of the model expanding beyond North America.
The Tokyo-based firm began buying Bitcoin in April 2024 as a small hospitality and technology operator, and had scaled to 40,177 BTC by the end of Q1 2026 – adding 5,075 BTC in the first quarter alone for approximately $398 million.
The company's average cost basis is approximately $97,593 per BTC – higher than current market prices as of this writing. But Metaplanet frames this as a long-term position rather than a mark-to-market concern.
Metaplanet has set a long-term target of 210,000 BTC by the end of 2027, representing roughly 1% of Bitcoin's total supply.
Bitcoin Standard Treasury (BSTR)
BSTR launched with an unusual founding story.
Adam Back – the cryptographer who invented Hashcash, the proof-of-work algorithm referenced in Satoshi Nakamoto's original Bitcoin whitepaper – contributed 25,000 BTC alongside early investors to seed the company's balance sheet. Combined with in-kind contributions, the total founding position reached over 30,000 BTC (current holdings approximately 30,021 BTC).
The company went public via a SPAC merger with Cantor Equity Partners I and raised up to $1.5 billion in PIPE financing – the largest PIPE ever announced alongside a Bitcoin treasury SPAC merger.
For investors, BSTR's founding credentials give it a cost basis and community credibility that most newer treasury vehicles lack.
Semler Scientific
Semler Scientific holds a notable place in the corporate Bitcoin adoption story as the second US public company to adopt Bitcoin as its primary treasury reserve asset, following Strategy.
By the time of its final trading day in January 2026, Semler held 5,048 BTC acquired at an average cost of approximately $94,877 per coin. The company had achieved a BTC Yield of approximately 30.6% for 2025, meaning it grew Bitcoin per share at a rate that meaningfully outpaced simple BTC price appreciation.
In January 2026, Semler Scientific shareholders voted to approve an acquisition by Strive Inc. (Nasdaq: ASST), an asset management and Bitcoin treasury company. Strive's combined BTC holdings post-acquisition reached approximately 12,798 BTC, making it the 11th largest public corporate Bitcoin holder globally.
Boyaa Interactive
Boyaa Interactive is Hong Kong's most prominent corporate Bitcoin holder and the closest Asian equivalent to Strategy's model outside Japan. The gaming company began allocating idle cash reserves to Bitcoin in 2023 as part of a broader Web3 gaming strategy.
As of late March 2026, Boyaa held 4,091 BTC at an average cost of approximately $68,198 per coin, giving it a position slightly above its average cost basis at current prices. In March 2026, the board proposed a new mandate to spend up to $70 million in additional cryptocurrency purchases over the following 12 months.
What makes Boyaa's model distinctive is the link between treasury and operations: the company integrates its crypto holdings into gaming product ecosystems, reward pools, and in-game economies.
Risks of Investing in Bitcoin Treasury Stocks
| The biggest risk is BTC price volatility: under FASB fair-value rules effective 2025, unrealized losses flow directly into quarterly earnings. A single market downturn can produce billions in paper losses on one earnings report, even if the company sold nothing. |
Beyond that, investors should also watch for share dilution, mNAV premium compression, debt refinancing pressure, and evolving regulatory requirements:
- Share dilution from equity issuances: If a company issues equity at a low mNAV, or faster than its BTC per share grows, existing shareholders effectively subsidize new buyers' Bitcoin exposure.
- mNAV premium compression: When Bitcoin enters a bear market or Bitcoin institutional demand slows, the premium that treasury stocks trade above their BTC value can collapse – sometimes to below 1x, meaning the market values the company at less than its coin stash.
- Debt refinancing risk: Companies using convertible notes to fund BTC purchases face refinancing pressure if BTC falls and their stock drops simultaneously. Lower stock prices mean less accretive equity issuance and higher effective borrowing costs.
- Regulatory and custody uncertainty: Changes in US SEC guidance, EU MiCA implementation details, or tax treatment of corporate BTC could affect strategy viability or disclosure requirements.
Future Trends in Bitcoin Treasury Companies
| The biggest shift is regulatory clarity: as the US and EU finalize frameworks for corporate digital asset holdings, more conservative boards, especially in financial services, will find the threshold for approving a Bitcoin treasury strategy lower than ever before. |
That said, treasury consolidation among smaller holders, sector expansion beyond tech, and the rise of integrated Bitcoin-native companies are all trends worth watching too:
Regulatory clarity accelerating adoption: The Lummis-Gillibrand Responsible Financial Innovation Act, updates to SEC crypto custody rules, and the EU's MiCA regulation are all moving toward frameworks that make it easier for companies to hold and disclose digital assets.
Treasury consolidation underway: Smaller BTC holders with high operational overhead have a strong incentive to merge with larger vehicles that can provide scale, better mNAV premiums, and more efficient capital structures.
The model spreading to new sectors: The next wave may include financial services firms, real estate companies, and consumer brands with large idle cash positions looking for a better alternative to T-bills in an era of unpredictable central bank policy.
Integrated Bitcoin-native companies emerging: Twenty One Capital's proposed merger with Strike and Elektron Energy points toward a new kind of entity – one that combines treasury, mining, payments, lending, and capital markets under a single publicly traded structure.
The corporate Bitcoin treasury story is still unfolding. The companies doing it best are building capital structures where Bitcoin accumulation compounds over time, per share, in a way that outpaces the asset itself. Whether that discipline holds across full market cycles remains the defining question for this model.
Sources and Further Reading
- Semler Scientific Bitcoin Treasury Strategy – Semler Scientific IR
- Strategy Q1 2026 Bitcoin Yield Report – Bitcoin Magazine
- FASB Fair Value Accounting for Crypto Assets – Financial Accounting Standards Board
- Corporate Bitcoin Treasury Tracker – CoinGecko
- Metaplanet Q1 2026 BTC Acquisition Disclosure – Bitcoin.com News
- Public Companies Bitcoin Treasuries – BitcoinTreasuries.net
- Strive Completes Semler Scientific Acquisition – SEC Filing
- Bitcoin as a Corporate Reserve Asset – Satoshi Nakamoto Institute
FAQs About Bitcoin Treasury Companies
Not necessarily. Treasury stocks add layers of company-specific risk – debt structure, management decisions, share dilution – on top of BTC price exposure. In a bear market, a treasury stock can fall harder than Bitcoin itself if the mNAV premium collapses simultaneously.
