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 Bitcoin spot price at the last update. 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 | TSLA | Tesla, Inc. | 🇺🇸 | 1618x |
| 2 | SPCX | SpaceX | 🇺🇸 | 1291x |
| 3 | BMNR | BitMine | 🇺🇸 | 922x |
| 4 | VIRT | Virtu Financial, Inc. | 🇺🇸 | 301x |
| 5 | AKER | Aker ASA | 🇳🇴 | 209x |
| 6 | FIGR | Figure Technology Solutions, Inc | 🇺🇸 | 188x |
| 7 | FIG | Figma Inc | 🇺🇸 | 167x |
| 8 | CIFR | Cipher Mining | 🇺🇸 | 136x |
| 9 | RUM | Rumble Inc. | 🇨🇦 | 127x |
| 10 | 3659 | NEXON Co., Ltd. | 🇯🇵 | 112x |
| 11 | CORZ | Core Scientific | 🇺🇸 | 81.69x |
| 12 | HIVE | HIVE Digital Technologies | 🇨🇦 | 69.28x |
| 13 | ARLP | Alliance Resource Partners, L.P. | 🇺🇸 | 67.32x |
| 14 | XYZ | Block, Inc. | 🇺🇸 | 60.70x |
| 15 | HKHC | Horizon Kinetics Holding Corp | 🇺🇸 | 44.30x |
| 16 | COIN | Coinbase Global, Inc. | 🇺🇸 | 36.26x |
| 17 | ANGX | Angel Studios, Inc. | 🇺🇸 | 34.31x |
| 18 | FRMO | FRMO Corp. | 🇺🇸 | 24.71x |
| 19 | 112040 | WEMADE | 🇰🇷 | 19.03x |
| 20 | ABTC | American Bitcoin Corp | 🇺🇸 | 14.44x |
| 21 | NTHOL | Net Holding A.S. | 🇹🇷 | 14.36x |
| 22 | HUT | Hut 8 Mining Corp | 🇺🇸 | 12.90x |
| 23 | KEEL | Keel Infrastructure Corp | 🇨🇦 | 10.33x |
| 24 | CANG | Cango Inc | 🇺🇸 | 9.54x |
| 25 | RIOT | Riot Platforms, Inc. | 🇺🇸 | 8.43x |
| 26 | 6574 | Convano Inc | 🇯🇵 | 6.31x |
| 27 | EXOD | Exodus Movement, Inc | 🇺🇸 | 4.49x |
| 28 | BTGO | BitGo Holdings, Inc. | 🇺🇸 | 4.10x |
| 29 | GPUS | Hyperscale Data | 🇺🇸 | 3.59x |
| 30 | NCTY | The9 Limited | 🇨🇳 | 3.16x |
| 31 | BLSH | Bullish | 🇺🇸 | 3.12x |
| 32 | SRAG | Samara Asset Group | 🇲🇹 | 2.99x |
| 33 | K33 | K33 AB | 🇳🇴 | 2.86x |
| 34 | CLSK | CleanSpark, Inc. | 🇺🇸 | 2.84x |
| 35 | DJT | Trump Media & Technology Group Corp. | 🇺🇸 | 2.73x |
| 36 | 5721 | S-Science | 🇯🇵 | 2.66x |
| 37 | DMGI | DMG Blockchain Solutions Inc. | 🇨🇦 | 2.51x |
| 38 | USBC | USBC, Inc. | 🇺🇸 | 2.41x |
| 39 | 7603 | Mac House | 🇯🇵 | 1.93x |
| 40 | KULR | KULR Technology Group | 🇺🇸 | 1.92x |
| 41 | 288330 | Parataxis Korea | 🇰🇷 | 1.91x |
| 42 | NDA | Neptune Digital Assets | 🇨🇦 | 1.81x |
| 43 | 3825 | Remixpoint | 🇯🇵 | 1.77x |
| 44 | FLD | Fold Holdings Inc. | 🇺🇸 | 1.63x |
| 45 | FUFU | BitFuFu Inc. | 🇸🇬 | 1.60x |
| 46 | MARA | MARA Holdings, Inc. | 🇺🇸 | 1.57x |
| 47 | DCC | DigitalX | 🇦🇺 | 1.36x |
| 48 | GEMI | Gemini Space Station Inc | 🇺🇸 | 1.24x |
| 49 | UUU | 3U Holding AG | 🇩🇪 | 1.16x |
| 50 | CPOP | POP Culture Group Co., Ltd. | 🇨🇳 | 1.05x |
| 51 | ASST | Strive | 🇺🇸 | 0.98x |
| 52 | EMPD | Empery Digital | 🇺🇸 | 0.94x |
| 53 | ALCPB | Capital B | 🇫🇷 | 0.80x |
| 54 | LQWD | LQWD Technologies Corp. | 🇨🇦 | 0.78x |
| 55 | MSTR | Strategy | 🇺🇸 | 0.77x |
| 56 | 0434 | Boyaa Interactive International Limited | 🇭🇰 | 0.77x |
| 57 | SWC | The Smarter Web Company PLC | 🇬🇧 | 0.75x |
| 58 | ZOOZ | ZOOZ Power | 🇮🇱 | 0.72x |
| 59 | BTCB | Bitcoin Treasury Capital (BTC AB) | 🇸🇪 | 0.67x |
| 60 | MPJPY | Metaplanet Inc. | 🇯🇵 | 0.66x |
| 61 | XXI | Twenty One Capital | 🇺🇸 | 0.61x |
| 62 | NA | Nano Labs | 🇨🇳 | 0.55x |
| 63 | ADE | Bitcoin Group SE | 🇩🇪 | 0.54x |
| 64 | SIX | Sixty-Six Capital Inc | 🇨🇦 | 0.51x |
| 65 | BRR | ProCap Financial | 🇺🇸 | 0.49x |
| 66 | BTCT | Bitcoin Treasury Corp | 🇨🇦 | 0.44x |
| 67 | NAKA | Nakamoto Inc | 🇺🇸 | 0.38x |
| 68 | 3189 | Anap Holdings Inc. | 🇯🇵 | 0.28x |