BLSHvsXBTE
Bullish vs CoinShares / XBT Provider
Side-by-side Bitcoin treasury comparison: holdings, market cap, mNAV ratio, BTC per share, cost basis, and recent purchases. Numbers refresh every 5 minutes from SEC filings and live market data.
BLSH
Bullish
🇺🇸 US
24,300 BTC
$1.9B market value
XBTE
CoinShares / XBT Provider
🇨🇭 CH
48,466 BTC
$3.8B market value
Metric
BLSH
XBTE
BTC holdings
24,300 BTC
48,466 BTC
Market value of BTC
$1.9B
$3.8B
Average cost per BTC
$82,438.52
—
Total cost basis
$2.0B
—
mNAV (market cap ÷ BTC value)
3.12×
—
Sats per share
16.1k
—
Last disclosed purchase
9/30/2025
—
Country
🇺🇸 US
🇨🇭 CH
- 9/30/2025+100 BTC$11.4M
- 6/30/2025+300 BTC$32.1M
- 3/31/2025+24,000 BTC$2.0B
No tracked purchases yet
BLSH vs XBTE: frequently asked
Which company holds more Bitcoin, BLSH or XBTE?▾
CoinShares / XBT Provider (XBTE) holds 48,466 BTC, compared to Bullish's (BLSH) 24,300 BTC — roughly 2.0× more.
What's the total Bitcoin value on the balance sheets of BLSH and XBTE?▾
BLSH holds $1.9B worth of Bitcoin at current market prices. XBTE holds $3.8B.
Who has a lower cost basis per BTC, BLSH or XBTE?▾
Cost basis disclosure is inconsistent across these two entities; check each company's detail page for per-purchase history.
When did BLSH last buy Bitcoin?▾
BLSH disclosed a 100 BTC purchase on September 30, 2025.
When did XBTE last buy Bitcoin?▾
XBTE's last BTC purchase isn't in our tracked history yet.