DEFIvsMSTR
Hashdex Bitcoin ETF vs Strategy
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.
DEFI
Hashdex Bitcoin ETF
🇺🇸 US
135 BTC
$8.6M market value
MSTR
Strategy
🇺🇸 US
843,775 BTC
$53.9B market value
Metric
DEFI
MSTR
BTC holdings
135 BTC
843,775 BTC
Market value of BTC
$8.6M
$53.9B
Average cost per BTC
—
$75,476.00
Total cost basis
—
$63.7B
mNAV (market cap ÷ BTC value)
—
0.61×
Sats per share
93.1k
235.8k
- Jun 30, 2025+-23 BTC$2.5M
- Dec 31, 2024+9.85 BTC$918.1K
- Sep 30, 2024+-30 BTC$1.9M
- Jun 30, 2024+25 BTC$1.7M
- Mar 31, 2024+153 BTC$10.6M
DEFI vs MSTR: frequently asked
Which company holds more Bitcoin, DEFI or MSTR?▾
Strategy (MSTR) holds 843,775 BTC, compared to Hashdex Bitcoin ETF's (DEFI) 135 BTC — roughly 6256.2× more.
What's the total Bitcoin value on the balance sheets of DEFI and MSTR?▾
DEFI holds $8.6M worth of Bitcoin at current market prices. MSTR holds $53.9B.
Who has a lower cost basis per BTC, DEFI or MSTR?▾
Cost basis disclosure is inconsistent across these two entities; check each company's detail page for per-purchase history.
When did DEFI last buy Bitcoin?▾
DEFI disclosed a -23 BTC purchase on June 30, 2025.
When did MSTR last buy Bitcoin?▾
MSTR disclosed a -3,588 BTC purchase on July 6, 2026.