Magazine · Topic
Treasury companies
Companies with Bitcoin on the balance sheet: Strategy, mNAV, BTC per share and BTC yield.
- · 11 min readBhutan: State Bitcoin Mining in the HimalayasBhutan mines bitcoin with hydropower through its state fund DHI. How the mining began, what Bitdeer adds and why Bhutan has sold almost all of it.
- · 13 min readBitcoin Stock or Bitcoin? Treasury Stocks ComparedBitcoin stock or bitcoin? Real price data for Strategy and Metaplanet, leverage, mNAV, taxes in DE/AT/CH: how to weigh the opportunities and risks.
- · 14 min readBitcoin ETF Flows and Holdings: Who Holds How Much Bitcoin?Bitcoin ETF flows made clear: how many bitcoin the US spot ETFs hold, when money came and went, and what the flows mean for you as a holder.
- · 13 min readBitcoin as a Treasury Asset: Why More and More CFOs Are Considering ItBitcoin as a treasury asset from the CFO's view: lost purchasing power, the US rule ASU 2023-08, policy, custody, volatility and a sizing example.
- · 15 min readBitcoin Treasury Companies in Europe: Capital B, H100, BTC AB and Co.Bitcoin treasury companies in Europe: Capital B, H100, Smarter Web and BTC AB compared. Holdings, mNAV, debt and risks, explained simply with figures.
- · 12 min readHow to Calculate a Company's BTC YieldHow to calculate BTC Yield: how Strategy measures bitcoin per diluted share, what BTC Gain and BTC $ Gain mean and where the metric misleads.
- · 12 min readCoinbase: Bitcoin Custodian and Exchange OperatorCoinbase is an exchange, custodian of most US bitcoin ETFs and a bitcoin holder itself. What the concentration risk and the 2025 data leak mean for you.
- · 13 min readEl Salvador: The First Country with Bitcoin as Legal TenderEl Salvador and bitcoin: the 2021 law, the Chivo wallet, one bitcoin a day, the IMF loan and the 2025 law change. What remains and what you can learn.
- · 14 min readSmall Bitcoin Treasury Companies: Opportunities and RisksSmall bitcoin treasury companies: why they copy Strategy, how they raise money, why their mNAV premium collapsed and how to check one before buying.
- · 14 min readThe Risk of Leveraged Bitcoin CompaniesLeveraged bitcoin companies: what a 50 % bitcoin crash does to equity, why loans backed by bitcoin are dangerous and what 2022 taught.
- · 12 min readMarathon Digital: The Largest Listed Bitcoin MinerMARA Holdings (formerly Marathon Digital) explained: hashrate, bitcoin holdings, cost per bitcoin, convertible notes and why the stock is not bitcoin.
- · 14 min readMetaplanet Stock: Japan's Bitcoin Treasury ExplainedMetaplanet stock explained: how Japan's largest bitcoin holder built 44’000 BTC, how much bitcoin is in one share and which risks you carry.
- · 15 min readmNAV Explained: When Are Bitcoin Treasury Stocks Expensive?mNAV explained: how to calculate the metric for treasury stocks gross and net, what a premium costs and when Strategy, Strive and others are expensive.
- · 12 min readRiot Platforms vs. CleanSpark: Comparing the MinersRiot Platforms and CleanSpark compared: sites, power strategy, bitcoin holdings, AI plans and the metrics you should check before buying a miner stock.
- · 15 min readThe Smarter Web Company (SWC): A UK Bitcoin Treasury ExplainedSmarter Web Company shares explained: how the UK web firm built up 2’850 BTC, how much bitcoin is in one SWC share and which risks you carry.
- · 13 min readCountries with Bitcoin Reserves: Who Holds How Much and Why?Countries holding bitcoin: how many coins the US, China, the UK and El Salvador hold, where they came from and what state reserves mean for you.
- · 13 min readStrategy (MicroStrategy): The Complete Bitcoin StoryStrategy and bitcoin from 2020 to 2026: first purchase, convertible notes, the 2022 crash, Saylor's CEO exit, the new name, preferreds and 849’327 BTC.
- · 13 min readStrategy Stock (MSTR): The No. 1 Bitcoin Company ExplainedStrategy stock (MSTR) explained: how the No. 1 bitcoin company buys bitcoin, how much BTC is in one share and when the leverage works against you.
- · 16 min readStrive Stock (ASST): Strategy and Capital Structure ExplainedStrive stock (ASST) explained: how Strive buys bitcoin with preferred stock instead of debt, how much BTC is in one share net and when the leverage tips.
- · 15 min readBitcoin Treasury Companies Explained: Model, mNAV, RisksBitcoin treasury companies explained: how Strategy, Metaplanet and others buy bitcoin, what mNAV reveals and when the stock is riskier than bitcoin.