Glossary
The vocabulary of bitcoin treasury analysis, defined tightly enough to be quotable. Terms link from the leaderboard and every company page.
Bitcoin per share is the amount of bitcoin a company holds divided by its total shares outstanding. It measures how much BTC stands behind each share of stock. A company with 10,000 BTC and 100 million shares has 0.0001 bitcoin per share.
It is a gross exposure measure: it ignores debt, preferred stock and the operating business. Our entire leaderboard ranks companies by this number.
Sats per share is bitcoin per share expressed in satoshis, the smallest unit of bitcoin. Since 1 BTC equals 100,000,000 sats, a company with 0.0001 BTC per share has 10,000 sats per share.
The unit was popularized by Metaplanet, which reports its own sats-per-share figure. It exists because fractions like 0.00003359 are unreadable; 3,359 sats is not.
- Satoshi (sat)
A satoshi is the smallest unit of bitcoin: one hundred-millionth of one BTC (0.00000001 BTC). The name honors Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
Bitcoin NAV per share is the market value of a company’s bitcoin holdings, divided by shares outstanding, expressed in currency. It equals bitcoin per share multiplied by the BTC price. Some issuers publish a net version that first subtracts debt and preferred stock.
Strategy’s "Net BTC per share" metric is a netted variant. Watch the fine print: gross and net versions can differ substantially for leveraged treasuries.
mNAV is a company’s market capitalization divided by the market value of the bitcoin it holds. An mNAV of 2.0 means investors pay two dollars of stock price for every one dollar of bitcoin on the balance sheet.
Definitions vary: some analysts use enterprise value instead of market cap to account for debt. Always check which flavor is being quoted.
An mNAV premium exists when a company’s market cap exceeds the value of its bitcoin holdings, that is, mNAV is above 1.0. Investors pay the premium in expectation of accretive share issuance, operating value or leverage on future bitcoin gains.
An mNAV discount exists when a company trades below the value of its bitcoin, that is, mNAV is under 1.0. A stock at 0.5x mNAV offers a dollar of bitcoin for fifty cents, if you trust the holdings, the share count and management to not squander the difference.
Several companies on our leaderboard have responded to deep discounts by selling bitcoin to buy back their own shares, which raises BTC per share for remaining holders.
- BTC yield
BTC yield is the percentage growth in a company’s bitcoin per share over a period. It measures whether treasury operations (raises, purchases, buybacks) are accreting or diluting bitcoin exposure for existing shareholders.
Strategy coined the KPI and Metaplanet adopted it. Because each company self-reports its own yield with its own assumptions, cross-company comparisons need a neutral referee; that is part of why this site exists.
- Bitcoin treasury company
A bitcoin treasury company is a publicly traded company whose primary strategy is accumulating and holding bitcoin, typically funded by issuing stock, convertible notes or preferred shares. The operating business, if any, is secondary to the treasury.
Distinct from miners (which produce BTC), exchanges (which hold working capital), and incidental holders like Tesla. Our dataset tags each company’s sector so you can filter accordingly.
- ATM offering (at-the-market offering)
An at-the-market offering lets a company sell new shares gradually into the open market at prevailing prices, instead of in one underwritten block. Bitcoin treasury companies use ATMs to raise cash for coin purchases continuously.
ATMs are the main reason share counts on this site go stale between filings. Issuing stock above bitcoin value per share is accretive to existing holders; issuing below it dilutes their sats.
Basic shares outstanding is the count of shares actually issued and held by investors. Diluted shares add the potential shares from options, warrants and convertibles. bitcoinps.com uses basic shares, totaled across all share classes.
- Reverse stock split
A reverse stock split consolidates multiple existing shares into one, raising the per-share price without changing total value. A 1-for-25 reverse split multiplies bitcoin per share 25 times mechanically, while each investor’s total sats stay exactly the same.
Several flagged jumps in our data trace to reverse splits (1-for-15 to 1-for-250 in this dataset alone). Never compare per-share figures across a split boundary without adjusting.
- Accretive issuance
Issuance is accretive when a company sells new shares at a price above its bitcoin value per share and uses the proceeds to buy more bitcoin than the new shares dilute. The result: bitcoin per share rises even though the share count grew.
- Corporate bitcoin holdings
Corporate bitcoin holdings are BTC owned directly by a company as a balance-sheet asset, excluding customer assets held in custody. Exchange and custodian figures on this site count only corporate treasury coins, never client coins.
Want to see these numbers in the wild? The bitcoin per share leaderboard ranks every public company, and the methodology page shows exactly how we compute each figure.