HodlingBTC: Bitcoin Treasury tracker

For eleven months, starting with STRC's July 2025 launch, Bitcoin treasury preferreds ran on a simple promise: a $100 par value and a dividend big enough to keep you there. In late June 2026, the market called the bluff. Then something more interesting happened. The issuers answered.

On June 26, both flagship instruments hit all-time lows on the same day. Strategy's STRC touched $71.25. Strive's SATA touched $79.01. Two different companies, two different structures, one identical verdict: yield alone was not holding the peg.

Strive has turned SATA into something unusual in public markets: a preferred stock from a bitcoin treasury company that pays cash dividends every business day.

On May 14, 2026, Strive announced that its Variable Rate Series A Perpetuell preferensaktie, listed under SATA, would move from monthly dividend payments to daily payments. The change took effect on June 16, 2026. Dividends are paid each business day to holders of record on the immediately preceding business day, if and when declared by the board.

SpaceX did not go public as a bitcoin company. But its IPO materials revealed one of the largest corporate bitcoin positions ever brought into public market disclosure.

The SpaceX prospectus states that, as of March 31, 2026 and December 31, 2025, the company held 18,712 units of bitcoin with a cost basis of $661 million. The fair value was $1.293 billion as of March 31, 2026 and $1.637 billion as of December 31, 2025.

Metaplanet has made its first major M&A transaction under Project Nova.

On 12 June 2026, Metaplanet announced that it had agreed to acquire Siiibo Securities for JPY 2.1 billion. The transaction is expected to close in July 2026, after which Siiibo Securities will become a wholly owned subsidiary and be renamed Metaplanet Securities.

H100 Group's proposed combination with Moonshot AS and Never Say Die AS is, at its core, a Bitcoin balance sheet transaction.

The company first announced the deal through a letter of intent on 23 March 2026. The structure was described as an all share acquisition of the two Norwegian companies, with no cash consideration. The key principle was that ownership in the combined company would be determined by the amount of Bitcoin contributed by each side. H100 held approximately 1,051 Bitcoin. The target companies held approximately 2,450 Bitcoin. Together, the group would hold approximately 3,501 Bitcoin.

Andrew Webley, CEO of The Smarter Web Company PLC (AQSE: SWC), has put forward a criticism of mNAV that is not just about terminology. It is about comparability.

His point is that Bitcoin treasury companies and analytics providers have used the same label for different calculations. For the numerator, some use market capitalisation while others use enterprise value based approaches. For the denominator, some refer to net asset value while others use gross Bitcoin value. These are not the same thing, and they can produce different answers for the same company.