Not long ago, companies stored their spare cash in bonds and savings accounts. Today, a growing number of publicly traded firms are holding Bitcoin on their balance sheets instead — and calling it aNot long ago, companies stored their spare cash in bonds and savings accounts. Today, a growing number of publicly traded firms are holding Bitcoin on their balance sheets instead — and calling it a

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Bitcoin Treasury Companies: Definition, Strategy, and Top Examples

Author: James Mitchell

Beginner

Sep 21, 2026James Mitchell

6 min

#Intermediate #Bitcoin (BTC)

Not long ago, companies stored their spare cash in bonds and savings accounts.

Today, a growing number of publicly traded firms are holding Bitcoin on their balance sheets instead — and calling it a strategy.

This guide explains what Bitcoin treasury companies are, how they fund their Bitcoin purchases, which names lead the pack, and what the whole trend means if you're thinking about investing.

Key Takeaways

A bitcoin treasury company is a publicly traded firm that holds Bitcoin as its primary balance sheet asset — not just a side position.
The model was started by Strategy (MSTR) in August 2020 and has since spread to more than 170 public companies worldwide.
These companies raise capital through equity issuance, convertible debt, and Bitcoin-collateralized borrowing — each method carries leverage risk.
Strategy leads all corporate holders with 818,334 BTC; Twenty One Capital (XXI) and Metaplanet (3350.T) rank second and third globally.
Investors can gain BTC exposure through these stocks via a regular brokerage account, but they give up self-custody and may pay a premium above the actual Bitcoin value held.
mNAV — the ratio of market cap to Bitcoin holdings value — is the key metric for evaluating whether a bitcoin treasury stock is fairly priced.

What Is a Bitcoin Treasury Company?

A Bitcoin treasury company is a publicly traded business that holds Bitcoin as its primary balance sheet asset — not just a side investment, but the core of its financial strategy.

This is different from a company that holds a small BTC position alongside its main operations.

To qualify, a firm typically meets two conditions: it allocates the majority of its assets to Bitcoin, and it actively raises capital from public markets to keep buying more.

The model was pioneered by Strategy (Nasdaq: MSTR) in August 2020, when CEO Michael Saylor declared Bitcoin superior to cash as a long-term store of value.

One metric investors track closely is mNAV — or market-value Net Asset Value — which compares a company's market cap to the dollar value of its Bitcoin holdings.

An mNAV above 1.0 means investors are paying a premium for the strategy itself, not just the BTC.

How Bitcoin Treasury Companies Raise Capital

Buying hundreds of millions of dollars in Bitcoin requires serious funding — and these companies have developed a repeatable playbook to do it.

The most common method is equity issuance, where the company sells new shares through at-the-market (ATM) programs and uses the proceeds to buy Bitcoin.

A second method is convertible debt — issuing bonds that investors can convert into company shares later.

Strategy has spent over $61 billion accumulating Bitcoin since 2020, financing those purchases through a combination of cash reserves, equity sales, and convertible note offerings.

A third route is Bitcoin-collateralized borrowing, where a company pledges its existing BTC holdings as collateral to secure a loan — then uses that loan to buy even more Bitcoin.

Metaplanet, for example, drew $302 million from a $500 million Bitcoin-backed credit facility as of mid-May 2026.

Each method carries real risk: if Bitcoin's price drops sharply, leveraged positions and share dilution can compound losses quickly.

Understanding how a Bitcoin treasury company raises capital is essential before buying its stock.

Top Bitcoin Treasury Companies to Know

More than 170 public companies now hold Bitcoin as a treasury asset.

Here are the names that matter most.

Strategy (MSTR) — The Company That Started It All

Strategy holds 818,334 BTC as of May 2026 — acquired for approximately $61.81 billion at an average cost of $75,537 per coin.

That represents roughly 3.9% of Bitcoin's maximum supply of 21 million coins, making it the largest corporate Bitcoin holder in the world by a significant margin.

Michael Saylor has publicly expressed ambitions to accumulate a significant share of Bitcoin's total 21-million supply.

Twenty One Capital (XXI) — The Fast-Rising Challenger

Twenty One Capital launched publicly on the NYSE in late 2025 following a SPAC merger with Cantor Equity Partners.

The company holds 43,514 BTC, ranking among the largest public corporate Bitcoin holders globally.

Led by Jack Mallers, Twenty One Capital was designed from the start to function as a Bitcoin treasury vehicle for investors seeking regulated BTC exposure through equity markets.

Metaplanet (3350.T) — Japan's Bitcoin Treasury Leader

Metaplanet is the first publicly listed Bitcoin treasury company in Japan and holds 40,177 BTC as of Q1 2026, acquired for approximately $3.59 billion.

Analysts and media have compared Metaplanet to Strategy, noting its similar accumulation-focused approach.

Metaplanet has set a long-term target of 210,000 BTC by the end of 2027, representing 1% of Bitcoin's total supply.

Other Notable Names

Beyond the top three, several other companies maintain significant Bitcoin treasury holdings.

MARA Holdings (MARA) — a US-based Bitcoin mining company — accumulated over 35,000 BTC at its peak before reducing its position in early 2026.

Semler Scientific (SMLR) is a smaller US firm that adopted a Bitcoin treasury strategy in 2024.

In Europe, The Blockchain Group (ALTBG) in France and the Smarter Web Company (SWC) in the UK have both built public Bitcoin treasury positions.

What Bitcoin Treasury Companies Mean for Retail Investors

Bitcoin treasury stocks give everyday investors a familiar on-ramp to BTC exposure — you buy shares through a regular brokerage account, no crypto wallet required.

That accessibility matters most for institutional investors whose mandates prohibit direct Bitcoin ownership, and for retail investors in regions without easy exchange access.

But there are real trade-offs to understand.

When a stock trades at an mNAV above 1.0, you're paying a premium for the company's strategy — not just its BTC.

If Bitcoin falls sharply or market sentiment shifts, that premium can compress fast, even if the underlying Bitcoin price holds steady.

There's also no self-custody: shareholders have no direct claim over the actual Bitcoin held on the company's balance sheet.

For those who want pure Bitcoin exposure, holding BTC directly remains the cleaner option.

For those interested in trading Bitcoin and other digital assets, MEXC offers access to a wide range of crypto markets.

FAQ

What is a Bitcoin treasury company?

A publicly traded business that holds Bitcoin as its primary balance sheet asset and continuously raises capital to buy more BTC.

What is mNAV in Bitcoin treasury companies?

mNAV (market-value Net Asset Value) is a ratio comparing a company's market cap to the current dollar value of its Bitcoin holdings — a figure above 1.0 means investors are paying a premium for the company's strategy.

What is a Bitcoin treasury strategy?

A corporate approach where a company allocates cash reserves — or raises new capital — specifically to accumulate and hold Bitcoin as a long-term reserve asset.

How do Bitcoin treasury companies make money?

They aim to grow Bitcoin per share (BPS) over time through ongoing BTC accumulation, and may also generate revenue from derivatives, Bitcoin lending, or core operating businesses.

Conclusion

Bitcoin treasury companies have moved from a fringe experiment to a genuine corporate finance trend.

With more than 170 public companies now holding BTC on their balance sheets — and combined holdings in the millions of coins — this is no longer a story about one bold CEO making a bet.

It's a structural shift in how corporations think about money.

Whether you're evaluating these companies as investments or simply trying to understand where Bitcoin fits in the broader financial world, knowing how they work puts you ahead of most.