Short, jargon-free guides to the metrics and strategies behind companies, funds, and governments holding Bitcoin, Ethereum, and Solana on the balance sheet — written by the team that tracks every one of their disclosures.
A short path from the basics to the finer points — each guide builds on the one before it. Jump in anywhere, or follow it top to bottom.
New guides are added as the corporate-treasury landscape evolves — written by the team that tracks these disclosures every day.
The plain-English starting point: what a crypto treasury (or DAT) company is, why a company puts Bitcoin, Ethereum, or Solana on its balance sheet, and how to think about one as an investor.
mNAV compares a treasury company’s market value to the crypto it holds. Learn what a premium or discount signals, why it moves, and how to use it without getting burned.
Where to find the coin count, the cost basis, and the date that matters in a company’s own report — in plain English, with a two-minute checklist anyone can run.
A spot ETF tracks the coin at fair value; a treasury stock adds a premium and a coin-per-share bet. Here’s the trade-off, and when each one makes sense.
How public companies put Bitcoin on the balance sheet, fund it, account for it, and disclose it — and what to watch when a company turns itself into a Bitcoin holding vehicle.
Share sales, convertible notes, and what dilution really costs existing owners — with the coins-per-share math worked out so it stops being an abstraction.
A 2023 US accounting change lets companies report crypto at today’s market value, with the swings flowing through earnings — mandatory from 2025. Here’s what it changes for readers.
Bitcoin, Ethereum, and Solana treasuries are not the same trade. Compare the thesis, the yield mechanics, the disclosure quality, and the risks of each on a corporate balance sheet.
The one number that tells you whether a treasury company is actually getting richer per share or just getting bigger. How to compute it, read it, and use it.
The treasury figure you see on a tracker often disagrees with the company’s own report. Here’s why the numbers split — stale counts, rounded headlines, unclosed deals — and which one to trust.
When money flows into a spot crypto ETF, the fund buys real coin to back new shares; when it flows out, it sells. Here’s how that plumbing reaches through to the coin price.
Every holding we publish is reconciled against a primary source — SEC filings, sponsor reports, on-chain records. Here is exactly how we get to ground truth and where we draw the line.
Every term you’ll meet on a treasury leaderboard or in a filing — mNAV, NAV, cost basis, ATM offering, sats per share, coverage tier and more — defined in one or two plain-English sentences.