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.
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.
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.
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.
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.