Net Holding A.S. (NTHOL) — Market Cap vs Bitcoin NAV
Net Holding A.S. (NTHOL) currently trades at a market cap vs Bitcoin NAV ratio of 20.42x, which means the market values the company at 1941.6% premium to the underlying Bitcoin holdings. With 352 Bitcoin on its balance sheet worth $22,075,087 at the live spot price, and a market capitalisation of $450,682,442, NTHOL holds rank #21 of 70 tracked Bitcoin treasury companies by this metric on HodlingBTC.
How NTHOL's Market Cap vs Bitcoin NAV Is Calculated
The market cap vs Bitcoin NAV ratio for Net Holding A.S. is computed as the company's market capitalisation divided by the product of its disclosed Bitcoin holdings and the live Bitcoin spot price. For NTHOL today the inputs are a market cap of $450,682,442, 352 BTC, and a Bitcoin spot price of 62,713. The resulting ratio of 20.42x quantifies how much premium (or premium, when above 1.0x) the equity market is assigning to NTHOL 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 20.42x Means for Net Holding A.S. Shareholders
Net Holding A.S.'s ratio of 20.42x places the stock at a 1941.6% 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 NTHOL.
NTHOL vs Other Bitcoin Treasury Companies
How NTHOL compares against the 4 companies ranked closest by market cap vs Bitcoin NAV ratio on HodlingBTC's live tracker:
| # | TICKER | COMPANY | HQ | RATIO |
|---|---|---|---|---|
| 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 |
See the full ranking for every public Bitcoin treasury company on the Market Cap vs Bitcoin NAV page.
Frequently Asked Questions
What is Net Holding A.S. (NTHOL)'s market cap vs Bitcoin NAV ratio?
Net Holding A.S. trades at a market cap vs Bitcoin NAV ratio of 20.42x, calculated as its market capitalisation of $450,682,442 divided by the value of its 352 BTC holdings ($22,075,087 at the current Bitcoin spot price). This represents a 1941.6% premium to the underlying Bitcoin NAV.
Why is NTHOL trading at a premium to its Bitcoin NAV?
premium values reflect the market's view of Net Holding A.S. 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 NTHOL's market cap vs Bitcoin NAV updated on HodlingBTC?
The ratio for NTHOL refreshes every five minutes during European and US market hours. Bitcoin spot price is sourced from Coinbase live, market capitalisation is recalculated from the latest available share count multiplied by the current stock price, and BTC holdings are taken from the most recent disclosed figure in Net Holding A.S.'s SEC or primary-source filings.