Ownership
BTC/share
How much Bitcoin each share represents and whether treasury activity is increasing or decreasing that amount over time.
About BTCperShare
Bitcoin treasury data from the shareholder's point of view.
BTCperShare is an independent Bitcoin treasury research and data site focused on a simple question: is a company creating more Bitcoin exposure for each common share over time?
Why BTCperShare exists
Beyond total Bitcoin heldMost Bitcoin treasury lists tell you who owns the most BTC. That matters, but it does not tell you whether an individual share represents more or less Bitcoin over time. BTCperShare focuses on the shareholder-level economics: BTC/share, accretion and dilution, valuation multiples, capital structure, and the financing used to grow the treasury.
What we track
The core comparison frameworkValuation
mNAV & Bitcoin backing
Market-value multiples that compare the value investors place on an equity with the value of the Bitcoin backing it.
Financing
Treasury capital structure
Common issuance, preferred stock, debt, repurchases, and other financing that can change the economics behind each share.
Data & methodology
Source-dated, not filled inWe tie company data to dated disclosures.
Company figures are built from regulatory filings, issuer disclosures, and other primary company sources. Market-dependent metrics use available market data. Historical snapshots stay tied to their disclosed dates rather than filling gaps with invented values.
When BTCperShare uses an estimate, alternate share basis, or adjusted calculation such as CEBE, it is labeled so the reader can distinguish reported figures from analytical outputs.
Current coverage
Expanding as the dataset becomes reliable$MSTRStrategyCommon equity · BTC/share, mNAV, capital structure
$ASSTStriveCommon equity · effective BTC/share and treasury operations
$MPJPYMetaplanetCommon equity · effective-diluted BTC/share and acquisitions
$STRCStrategy preferredPreferred financing · notional, dividends, repurchases
$SATAStrive preferredPreferred financing · notional, dividends, terms
Who's behind it
Independent, not issuer-sponsoredBTCperShare is independently built by a Bitcoin and treasury-company enthusiast. The publisher uses the BTCperShare name and shares research on X as @btcpershare. The goal is to make complicated treasury activity easier to understand without turning the site into an investor-relations page or a leaderboard of who simply owns the most Bitcoin.
Primary-source firstCompany filings and issuer disclosures anchor the dataset.
Shareholder-level focusThe key question is what happens behind each share.
Clear labelingReported figures, market data, and estimates should not blur together.
Explore BTCperShare
Data, research, and toolsBTCperShare is independent and is not affiliated with the companies covered on the site. Nothing on BTCperShare is financial advice.
Questions, corrections & updates
Spot a number that needs a second look? Contact @btcpershare on X with the page link and the relevant company disclosure. Please do not include private account or portfolio information.
Dates beside company figures identify the underlying disclosures or saved snapshots. Calculator scenarios use the assumptions shown beside the results. A later publication does not automatically update every historical snapshot; dated estimates remain labeled so readers can distinguish them from current figures.