Methodology
Last updated August 3, 2026. Applies to all 81 ranked companies and 2 flagged rows.
The formula
Bitcoin per share is the simplest honest measure of per-share bitcoin exposure:
Sats per share = BTC per share × 100,000,000
Both inputs carry an as-of date, and we display both dates everywhere the number appears. A per-share figure computed from a July coin count and a March share count is a different claim than one computed from two fresh filings, and readers deserve to see that difference rather than infer it.
We deliberately do not adjust for debt, preferred stock, options or the value of the operating business. Bitcoin per share answers one narrow question: if you own a share, how much bitcoin sits behind it on the balance sheet. Valuation questions (is that bitcoin cheap or expensive at the current stock price?) belong to mNAV, a related but different metric.
Shares basis: basic vs diluted, and share classes
We use basic shares outstanding, summed across all share classes, as the default denominator. Three reasons:
- Basic counts are disclosed on every 10-Q and 10-K cover page and in most international filings, making them the only basis available consistently across nine countries and a dozen exchanges.
- Diluted counts embed an assumption about instrument conversion that varies by accounting regime and by quarter, which makes cross-company comparison mushy.
- Multi-class companies (Strategy, Twenty One Capital, American Bitcoin, Gemini and others) are economically one shareholder base. Aggregators that quote only the listed class overstate BTC per share badly; we total the classes.
Where dilution is material (convertibles, moving-strike warrants, pre-funded warrants), the company page says so in the analyst note. ADR and ADS listings are stated on the unit the ticker actually trades in whenever we can verify the ratio; when we cannot, the confidence rating drops.
Confidence ratings
Every row carries one of three ratings, assigned per company, not globally:
- high Both BTC holdings and share count trace to a primary disclosure (8-K, RNS, quarterly filing, company treasury page) or are corroborated by at least two independent trackers.
- medium At least one input relies on an aggregator figure, a derived post-split calculation, or an unverified ADS ratio. The number is plausible but the last digits are soft.
- low An input is stale, self-reported without audit, contradicted between sources, or structurally uncertain (pending mergers, disputed transfers, liquidations). Read as indicative only.
Ratings exist because the two halves of this metric fail differently. BTC holdings go stale quietly (companies stop announcing), while share counts go stale loudly (ATM programs and reverse splits change them weekly). A ranking that ignores input quality would be precise nonsense.
Data sources
- Company disclosures first. 8-Ks, 6-Ks, RNS announcements, quarterly filings and investor-relations treasury dashboards are the only authoritative source, and they override everything else. The top rows of the leaderboard, which carry most reader attention, are hand-verified against these.
- CoinGecko's public treasury dataset provides the roster of companies and a holdings cross-check. We have found and corrected multiple stale figures in it, so it is treated as a starting point, never the gospel.
- SEC XBRL company facts (EntityCommonStockSharesOutstanding) for US filers' share counts, with the known caveat that multi-class filers report by class and need manual totaling.
- Independent trackers (bitcointreasuries.net, Bitbo, The Block) as divergence checks: when two trackers disagree with CoinGecko by more than a rounding error, we dig into filings.
- stockanalysis.com for international share counts where filings are impractical to parse, always marked as aggregator-sourced in the analyst note.
Every company page lists its specific sources with links.
Update cadence
The dataset is refreshed and the site rebuilt weekly, on Mondays, aligned with the weekly 8-K rhythm of the most active issuers, plus manual rebuilds when major treasury news breaks. Holdings simply do not change daily for most companies, but the USD columns are computed client-side from a live BTC spot price (Coinbase primary, mempool.space fallback), so pricing is always current even between rebuilds. A quarterly manual pass re-verifies share counts for the top rows against fresh filing covers, since ATM-heavy issuers drift continuously.
Why GDC and CEPO are excluded
Two companies would rank near the very top of the leaderboard if we divided naively, and both numbers would be wrong in spirit:
- GD Culture Group (GDC). The company claims 7,500 BTC (about $480M at recent prices) against a market cap of roughly $7M, a ratio of about 70 to 1. Its board has authorized selling the entire bitcoin reserve to fund buybacks, and a going-private proposal is pending. When the market prices a company at 1.5 percent of its claimed bitcoin, the market is telling you it does not believe the shareholders will ever see those coins. We agree with the market.
- Cantor Equity Partners I (CEPO). The 30,021 BTC associated with the Bitcoin Standard Treasury (BSTR) deal sit in a private company. The SPAC merger that would have attached them to CEPO's 25.5 million listed shares was scrapped in July 2026 and is being renegotiated, with the shareholder vote postponed indefinitely. Until a deal closes, dividing those coins by the SPAC share count manufactures a fake number three ranking.
Both companies keep their own pages, clearly flagged, because people search for them and deserve the explanation rather than silence. The general rule: when a figure would be arithmetically correct but economically meaningless, we exclude it and say why.
Frequently asked questions
How is bitcoin per share calculated?
Bitcoin per share equals total BTC held by the company divided by its total shares outstanding. For example, a company holding 10,000 BTC with 100 million shares outstanding has 0.0001 BTC per share, which is 10,000 sats per share.
What is the difference between BTC per share and sats per share?
They are the same measurement in different units. One bitcoin equals 100,000,000 satoshis, so sats per share is simply BTC per share multiplied by 100 million. Sats per share is easier to read because most companies hold far less than one whole bitcoin per share.
Do you use basic or diluted shares outstanding?
We use basic shares outstanding by default, totaled across all share classes, because it is the most consistently disclosed figure across global exchanges. Where dilution from warrants or convertibles is material, we say so in the analyst note on the company page.
Why are GDC and CEPO excluded from the leaderboard?
GD Culture Group (GDC) claims bitcoin worth roughly 70 times its own market cap, its board has authorized selling the entire reserve, and a going-private proposal is pending. Cantor Equity Partners I (CEPO) is a SPAC whose merger with BSTR Holdings was scrapped in July 2026; the bitcoin sits in a private entity, not behind the listed shares. In both cases the naive division produces a top-three ranking that no market participant believes, so we list them separately as flagged rows.
How often is the data updated?
The site rebuilds weekly, on Mondays, which matches the disclosure rhythm of the most active treasury companies (Strategy and Strive file weekly, Metaplanet announces Mondays JST). Big announcements trigger manual rebuilds. Every figure carries its own as-of date, and the live BTC price used for USD columns updates in your browser on every visit.
Does bitcoin per share account for debt or preferred stock?
No. Bitcoin per share is a gross measure of coins behind each common share. It ignores debt, preferred equity and the value of the operating business. For a valuation-aware comparison, use mNAV, which compares market cap against the value of the bitcoin held. Our glossary defines both.
Questions about a specific figure? Every company page shows its sources. Start from the leaderboard or the glossary.