Horizon Kinetics Holding Corp (HKHC) — Market Cap vs Bitcoin NAV
Horizon Kinetics Holding Corp (HKHC) currently trades at a market cap vs Bitcoin NAV ratio of 44.30x, which means the market values the company at 4330.2% premium to the underlying Bitcoin holdings. With 132 Bitcoin on its balance sheet worth $10,678,547 at the live spot price, and a market capitalisation of $473,083,200, HKHC holds rank #15 of 68 tracked Bitcoin treasury companies by this metric on HodlingBTC.
How HKHC's Market Cap vs Bitcoin NAV Is Calculated
The market cap vs Bitcoin NAV ratio for Horizon Kinetics Holding Corp is computed as the company's market capitalisation divided by the product of its disclosed Bitcoin holdings and the Bitcoin spot price. At the last update the inputs for HKHC were a market cap of $473,083,200, 132 BTC, and a Bitcoin spot price of 80,898. The resulting ratio of 44.30x quantifies how much premium (or premium, when above 1.0x) the equity market is assigning to HKHC beyond the value of the underlying Bitcoin treasury. A ratio above 1.0x means the company is trading at a premium to the value of its Bitcoin stash; below 1.0x means a discount. The number does not account for operating businesses, capital structure, debt, preferred shares, or other liabilities that sit between common shareholders and the underlying Bitcoin.
What 44.30x Means for Horizon Kinetics Holding Corp Shareholders
Horizon Kinetics Holding Corp's ratio of 44.30x places the stock at a 4330.2% premium to its Bitcoin NAV. When investors pay a premium for a Bitcoin treasury equity, the additional value typically reflects the company's operating business, ability to issue new shares accretively, exposure to future Bitcoin acquisition, or simply the convenience of holding Bitcoin exposure inside a regulated equity wrapper. Premiums can compress quickly if dilution accelerates or if the underlying Bitcoin acquisition slows. The ratio is one input among several; capital structure, debt obligations, share class differences, and operating cash flow all influence what shareholders actually receive per share of HKHC.
HKHC vs Other Bitcoin Treasury Companies
How HKHC compares against the 4 companies ranked closest by market cap vs Bitcoin NAV ratio on HodlingBTC's tracker:
| # | TICKER | COMPANY | HQ | RATIO |
|---|---|---|---|---|
| 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 |
See the full ranking for every public Bitcoin treasury company on the Market Cap vs Bitcoin NAV page.
Frequently Asked Questions
What is Horizon Kinetics Holding Corp (HKHC)'s market cap vs Bitcoin NAV ratio?
Horizon Kinetics Holding Corp trades at a market cap vs Bitcoin NAV ratio of 44.30x, calculated as its market capitalisation of $473,083,200 divided by the value of its 132 BTC holdings ($10,678,547 at the last recorded Bitcoin spot price). This represents a 4330.2% premium to the underlying Bitcoin NAV.
Why is HKHC trading at a premium to its Bitcoin NAV?
premium values reflect the market's view of Horizon Kinetics Holding Corp beyond its Bitcoin holdings alone. A premium typically indicates investors are paying extra for the company's operating business, capital structure access, optionality on future Bitcoin accumulation, or the convenience of equity exposure to BTC.
How often is HKHC's market cap vs Bitcoin NAV updated on HodlingBTC?
The figures on this page are a snapshot, recalculated a few times each trading day rather than quoted live. Bitcoin spot price is sourced from Coinbase, market capitalisation from the latest available share count multiplied by the most recent stock price, and BTC holdings from the most recent disclosed figure in Horizon Kinetics Holding Corp's SEC or primary-source filings.