HODLvsBLSH
VanEck Bitcoin Trust vs Bullish
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.
HODL
VanEck Bitcoin Trust
🇨🇦 CA
20,000 BTC
$1.6B market value
BLSH
Bullish
🇺🇸 US
24,340 BTC
$2.0B market value
Metric
HODL
BLSH
BTC holdings
20,000 BTC
24,340 BTC
Market value of BTC
$1.6B
$2.0B
Average cost per BTC
$77,840.04
—
Total cost basis
$2.1B
—
mNAV (market cap ÷ BTC value)
—
2.99×
Sats per share
—
16.1k
Last disclosed purchase
4/23/2026
9/30/2025
Country
🇨🇦 CA
🇺🇸 US
- 4/23/2026+50 BTC$3.9M
- 4/20/2026+85 BTC$6.3M
- 4/15/2026+85 BTC$6.3M
- 4/13/2026+35 BTC$2.5M
- 4/10/2026+28 BTC$2.0M
- 9/30/2025+100 BTC$11.4M
- 6/30/2025+300 BTC$32.1M
- 3/31/2025+24,000 BTC$2.0B
- 12/31/2024+23 BTC$2.1B
HODL vs BLSH: frequently asked
Which company holds more Bitcoin, HODL or BLSH?▾
Bullish (BLSH) holds 24,340 BTC, compared to VanEck Bitcoin Trust's (HODL) 20,000 BTC — roughly 1.2× more.
What's the total Bitcoin value on the balance sheets of HODL and BLSH?▾
HODL holds $1.6B worth of Bitcoin at current market prices. BLSH holds $2.0B.
Who has a lower cost basis per BTC, HODL or BLSH?▾
Cost basis disclosure is inconsistent across these two entities; check each company's detail page for per-purchase history.
When did HODL last buy Bitcoin?▾
HODL disclosed a 50 BTC purchase on April 23, 2026.
When did BLSH last buy Bitcoin?▾
BLSH disclosed a 100 BTC purchase on September 30, 2025.