BTC: Public Companies

Companies that hold bitcoin on their balance sheets, from their own filings: how many coins they hold in total and by company, what they added each quarter against new issuance, what they paid and what the holdings are worth, and how their bitcoin per share and funding have changed.

Public Companies

Every figure comes from what the companies file: annual and quarterly reports, current reports and press releases attached to them. Holdings change only on the dates a company reports, so between filings each line is flat.

Cost is what the companies say they paid. Market value uses our daily closing price, so the gap between the two is the unrealized profit or loss the filings imply at today’s price.

Coverage is the companies we track from public filings; each panel’s info lists them and the date of each one’s latest filing.

BTC: Company Treasury Balance (Company Filings)

The bitcoin held by the public companies we cover, as their filings report it. Company treasuries have become one of the largest groups of holders: their buying and selling is a steady source of demand or supply. The line steps on each figure's date. A rise is coins bought, mined and kept, or a company newly reporting; a fall is coins sold or a company leaving. Recent weeks rise again once the next filings arrive.

BTC: Company Treasury Balances by Company (Stacked)

The bitcoin held by each company we cover, stacked to the total. Shows which companies make up corporate holdings and how concentrated they are. Each band is one company's latest filed figure; the bands add up to the company treasury balance.

BTC: Companies Holding Bitcoin (Company Filings)

How many of the companies we cover report holding bitcoin on each day. Shows how widely companies are adopting bitcoin as a treasury asset, whatever the size of each holding. Counts steps up when a company first reports holdings and down when one reports none or is acquired.

BTC: Company Treasury Share of Issued Bitcoin (Company Filings)

The bitcoin held by the companies we cover as a share of all bitcoin issued by then. Puts company holdings in proportion: how much of the supply sits on company balance sheets. A rising share means companies are accumulating faster than new coins are issued.

BTC: Company Treasury Net Flows (Company Filings)

The change in the bitcoin held by the companies we cover, on each figure's date. Net buying or selling by company treasuries: positive values are coins added, negative coins sold or spent. Each bar is the sum of the changes between companies' consecutive figures dated that day, so a quarter's buying shows on its period end. A company's first figure is not counted as a flow, because filings rarely say when coins held before were bought; an acquired company's coins leave its line and re-enter in its acquirer's next figure.

BTC: Company Net Additions vs New Bitcoin Issued (90 Days)

Bitcoin added by the companies we cover over the last 90 days, beside the new bitcoin issued to miners over the same days. Compares corporate demand with new supply: when companies add more than is mined, they absorb more than the whole issuance. Both lines are 90-day sums. Company additions arrive in steps on figures' dates, so the line jumps when a quarter is reported and falls back 90 days later.

BTC: Treasury Companies: Capital Raised over Four Quarters by Type

The cash treasury companies raised over the last four reported quarters by selling common stock, preferred stock and debt. Shows how bitcoin purchases are financed and how much of the buying rests on new equity or borrowing. Each day sums the quarters whose period ends fall in the 365 days up to it, so the line steps when a report arrives and when a quarter drops out of the year; the bands split it by type.

BTC: Company Treasury Market Value and Cost Basis

The market value of company bitcoin holdings at our own price, beside the cost basis the companies report. The gap between the two lines is the treasuries' unrealized profit or loss. Market value moves daily with the price; the cost line steps with each new filing.

BTC: Company Treasury Unrealized Profit and Loss (Company Filings)

The paper profit or loss on the bitcoin of the companies we cover: its value at our own price minus the cost the companies report for it. Shows whether company treasuries are, in total, sitting on gains or losses, which shapes how much room they have to keep buying or how much pressure they face to sell. Positive values are unrealized gains, negative values losses. It moves every day with the price and steps when new figures arrive.

BTC: Company Treasury Value to Cost Ratio (Company Filings)

The market value of the bitcoin of the companies we cover divided by the cost they report for it. A measure of treasury profitability that does not grow with the size of the holdings: above 1, the coins are worth more than they cost. A value of 1.5 means the coins are worth 50% more than they cost; below 1 they are under water.

BTC: Company Treasury Average Cost by Company

The average cost per bitcoin each company reports: its cost basis divided by the coins it holds. Compares each company's cost with the price: where the price sits against a company's average cost tells whether its treasury is in profit. Each line steps when the company files a new figure. The total line is the cost-weighted average of all companies with a cost basis.

BTC: Treasury Companies: Bitcoin per Share by Company

The bitcoin behind each share of each company: the coins it holds at a quarter or year end divided by the common shares it has outstanding on that date, as its own reports state both. Holdings grow when a company sells shares to buy coins; per share shows whether a shareholder's slice of the treasury grows too. Each line steps at a period end and holds until the next. A rising line means coins were added faster than shares were issued.

BTC: Treasury Companies: Bitcoin Price at Which Holdings Equal Debt and Preferred

For each treasury company, the bitcoin price at which its coins would be worth exactly its debt plus the liquidation preference of its preferred stock; the total line covers them all together. The price below which a treasury company's bitcoin no longer covers what it owes to lenders and preferred holders: the closer the market price comes to it, the less room the company has. Compare each line with the bitcoin price: the further the price is above a company's line, the larger its cushion. Lines step when a new report changes the debt, the preferred stock or the coins.