MARKET CAP VS BITCOIN NAV
A selection of public companies holding Bitcoin on their balance sheets, ranked by market cap divided by BTC holdings multiplied by the live Bitcoin spot price. Above 1.0 indicates a premium to BTC NAV, while below 1.0 indicates a discount. Premiums may also reflect operating businesses, non treasury assets, lower Bitcoin exposure, capital structure, liquidity, or other company specific factors rather than Bitcoin holdings alone.
| # | TICKER | COMPANY | HQ | RATIO ▾ |
|---|
| 1 | MELI | MercadoLibre, Inc. | 🇦🇷 | 2501x |
| 2 | TSLA | Tesla, Inc. | 🇺🇸 | 2047x |
| 3 | SPCX | SpaceX | 🇺🇸 | 1807x |
| 4 | BMNR | BitMine | 🇺🇸 | 639x |
| 5 | VIRT | Virtu Financial, Inc. | 🇺🇸 | 373x |
| 6 | FIG | Figma Inc | 🇺🇸 | 234x |
| 7 | FIGR | Figure Technology Solutions, Inc | 🇺🇸 | 227x |
| 8 | CORZ | Core Scientific | 🇺🇸 | 199x |
| 9 | AKER | Aker ASA | 🇳🇴 | 196x |
| 10 | RUM | Rumble Inc. | 🇨🇦 | 158x |
| 11 | 3659 | NEXON Co., Ltd. | 🇯🇵 | 104x |
| 12 | HIVE | HIVE Digital Technologies | 🇨🇦 | 92.11x |
| 13 | CIFR | Cipher Mining | 🇺🇸 | 87.14x |
| 14 | ARLP | Alliance Resource Partners, L.P. | 🇺🇸 | 79.04x |
| 15 | XYZ | Block, Inc. | 🇺🇸 | 74.48x |
| 16 | HKHC | Horizon Kinetics Holding Corp | 🇺🇸 | 71.60x |
| 17 | COIN | Coinbase Global, Inc. | 🇺🇸 | 42.15x |
| 18 | ANGX | Angel Studios, Inc. | 🇺🇸 | 34.73x |
| 19 | 112040 | WEMADE | 🇰🇷 | 32.45x |
| 20 | FRMO | FRMO Corp. | 🇺🇸 | 30.68x |
| 21 | NTHOL | Net Holding A.S. | 🇹🇷 | 20.42x |
| 22 | KEEL | Keel Infrastructure Corp | 🇨🇦 | 17.90x |
| 23 | HUT | Hut 8 Mining Corp | 🇺🇸 | 16.97x |
| 24 | RIOT | Riot Platforms, Inc. | 🇺🇸 | 8.50x |
| 25 | 6574 | Convano Inc | 🇯🇵 | 5.93x |
| 26 | NCTY | The9 Limited | 🇨🇳 | 4.34x |
| 27 | K33 | K33 AB | 🇳🇴 | 4.10x |
| 28 | SRAG | Samara Asset Group | 🇲🇹 | 4.04x |
| 29 | DJT | Trump Media & Technology Group Corp. | 🇺🇸 | 3.95x |
| 30 | EXOD | Exodus Movement, Inc | 🇺🇸 | 3.85x |
| 31 | CLSK | CleanSpark, Inc. | 🇺🇸 | 3.83x |
| 32 | 5721 | S-Science | 🇯🇵 | 3.69x |
| 33 | BTGO | BitGo Holdings, Inc. | 🇺🇸 | 3.56x |
| 34 | DMGI | DMG Blockchain Solutions Inc. | 🇨🇦 | 3.43x |
| 35 | 7603 | Mac House | 🇯🇵 | 3.24x |
| 36 | KULR | KULR Technology Group | 🇺🇸 | 2.62x |
| 37 | BLSH | Bullish | 🇺🇸 | 2.54x |
| 38 | 288330 | Parataxis Korea | 🇰🇷 | 2.46x |
| 39 | NDA | Neptune Digital Assets | 🇨🇦 | 2.26x |
| 40 | MARA | MARA Holdings, Inc. | 🇺🇸 | 2.08x |
| 41 | FLD | Fold Holdings Inc. | 🇺🇸 | 2.03x |
| 42 | USBC | USBC, Inc. | 🇺🇸 | 2.01x |
| 43 | FUFU | BitFuFu Inc. | 🇸🇬 | 1.99x |
| 44 | 3825 | Remixpoint | 🇯🇵 | 1.83x |
| 45 | GEMI | Gemini Space Station Inc | 🇺🇸 | 1.74x |
| 46 | UUU | 3U Holding AG | 🇩🇪 | 1.53x |
| 47 | ABTC | American Bitcoin Corp | 🇺🇸 | 1.27x |
| 48 | CANG | Cango Inc | 🇺🇸 | 1.25x |
| 49 | GPUS | Hyperscale Data | 🇺🇸 | 1.16x |
| 50 | LQWD | LQWD Technologies Corp. | 🇨🇦 | 1.03x |
| 51 | DCC | DigitalX | 🇦🇺 | 0.82x |
| 52 | ALCPB | Capital B | 🇫🇷 | 0.81x |
| 53 | BTCB | Bitcoin Treasury Capital (BTC AB) | 🇸🇪 | 0.75x |
| 54 | SATS | Satsuma Technology | 🇬🇧 | 0.75x |
| 55 | SIX | Sixty-Six Capital Inc | 🇨🇦 | 0.71x |
| 56 | 0434 | Boyaa Interactive International Limited | 🇭🇰 | 0.70x |
| 57 | XXI | Twenty One Capital | 🇺🇸 | 0.69x |
| 58 | ZOOZ | ZOOZ Power | 🇮🇱 | 0.68x |
| 59 | ASST | Strive | 🇺🇸 | 0.67x |
| 60 | MSTR | Strategy | 🇺🇸 | 0.64x |
| 61 | ADE | Bitcoin Group SE | 🇩🇪 | 0.64x |
| 62 | SWC | The Smarter Web Company PLC | 🇬🇧 | 0.63x |
| 63 | MPJPY | Metaplanet Inc. | 🇯🇵 | 0.63x |
| 64 | EMPD | Empery Digital | 🇺🇸 | 0.61x |
| 65 | NA | Nano Labs | 🇨🇳 | 0.55x |
| 66 | BTCT | Bitcoin Treasury Corp | 🇨🇦 | 0.45x |
| 67 | BRR | ProCap Financial | 🇺🇸 | 0.41x |
| 68 | CPOP | POP Culture Group Co., Ltd. | 🇨🇳 | 0.37x |
| 69 | 3189 | Anap Holdings Inc. | 🇯🇵 | 0.35x |
| 70 | NAKA | Nakamoto Inc | 🇺🇸 | 0.24x |