CBTCvsBLSH
21Shares Bitcoin Core ETP 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.
CBTC
21Shares Bitcoin Core ETP
🇨🇭 CH
3,730 BTC
$245.3M market value
BLSH
Bullish
🇺🇸 US
21,430 BTC
$1.4B market value
Metric
CBTC
BLSH
BTC holdings
3,730 BTC
21,430 BTC
Market value of BTC
$245.3M
$1.4B
Average cost per BTC
—
—
Total cost basis
—
—
mNAV (market cap ÷ BTC value)
—
2.91×
Sats per share
—
No tracked purchases yet
- 5/14/2026+190 BTC$0.00
- 3/10/2026+-1,010 BTC$0.00
- 3/10/2026+0 BTC$0.00
- 11/19/2025+80 BTC$0.00
- 9/17/2025+-1,390 BTC$0.00
CBTC vs BLSH: frequently asked
Which company holds more Bitcoin, CBTC or BLSH?▾
Bullish (BLSH) holds 21,430 BTC, compared to 21Shares Bitcoin Core ETP's (CBTC) 3,730 BTC — roughly 5.7× more.
What's the total Bitcoin value on the balance sheets of CBTC and BLSH?▾
CBTC holds $245.3M worth of Bitcoin at current market prices. BLSH holds $1.4B.
Who has a lower cost basis per BTC, CBTC or BLSH?▾
Cost basis disclosure is inconsistent across these two entities; check each company's detail page for per-purchase history.
When did CBTC last buy Bitcoin?▾
CBTC's last BTC purchase isn't in our tracked history yet.
When did BLSH last buy Bitcoin?▾
BLSH disclosed a 190 BTC purchase on May 14, 2026.