---
title: "Bitcoin Treasury Companies Statistics 2026: Holdings and Cost Basis"
date: 2026-09-13
author: "Barry Elad"
featured_image: "https://coinlaw.io/wp-content/uploads/2026/09/bitcoin-treasury-companies-statistics.jpg"
categories:
  - name: "Cryptocurrency"
    url: "/crypto.md"
tags:
  - name: "Statistics"
    url: "/tag/statistics.md"
---

# Bitcoin Treasury Companies Statistics 2026: Holdings and Cost Basis

Strategy held **846,000** bitcoin as of June 30, 2026, at an average purchase price of **$75,578** per coin. Its second-quarter Form 10-Q carries that position at a digital asset cost basis of **$63.94 billion**. No other filer among the public bitcoin treasury companies covered here is close, and that single balance sheet is why category-level totals move whenever one issuer buys or sells.

Public bitcoin treasury companies reach the same asset from three different directions: miners that kept what they produced, operating companies that bought coins outright years ago, and purpose-built vehicles created to hold nothing else. The figures below come from the filings themselves rather than from tracker aggregates, so every holding carries the as-of date the company reported and, where disclosed, the price it actually paid.

## Key Takeaways

- Strategy’s position dominates the filer set. Its 846,000 bitcoin equal **87.3%** of the 968,788 bitcoin held across the seven filers covered here.
- Mining companies can sit deep below their own cost. CleanSpark disclosed a cost basis of **$90,188** per bitcoin against a fair value of **$58,524** per bitcoin as of June 30, 2026, a gap of **$31,664** per coin.
- Not every coin on a miner’s balance sheet is in hand. MARA reported **26,307** bitcoin plus **9,270** bitcoin classified as a receivable, for total bitcoin holdings of **35,577** as of June 30, 2026.
- Older corporate buyers carry far cheaper coins. Tesla’s **11,509** units of [Bitcoin](https://coinlaw.io/bitcoin-statistics/) held at an acquisition cost of **$386 million** work out to roughly **$33,538** each.
- Metaplanet described itself as the world’s third-largest corporate Bitcoin holder with **43,000 BTC** in its August 18, 2026 announcement, the only non-US filer in the group.
- Treasury vehicles are no longer bitcoin-only. SharpLink reported approximately **888,938 ETH** as of August 3, 2026, the largest single disclosed ether position in the cohort.

## Editor’s Choice

- **Largest holding in this filer set:** **846,000** bitcoin at Strategy as of June 30, 2026.
- **Capital committed:** a digital asset cost basis of **$63.94 billion** behind that position.
- **Largest ether treasury in this set:** **888,938 ETH** at SharpLink as of August 3, 2026.
- **Third-largest corporate holder:** Metaplanet at **43,000 BTC**, listed in Tokyo as TSE: 3350.
- **Largest miner treasury in this set:** MARA at **35,577** total bitcoin, carried at a fair value of **$2.083 billion**.
- **Dollar reserve behind the dividends:** Strategy’s USD Reserve balance of **$2.55 billion** as of July 5, 2026.

## Bitcoin Treasury Companies Ranked by Total Holdings

- Strategy reported **846,000** bitcoin as of June 30, 2026, and **843,775** bitcoin as of July 5, 2026, the difference reflecting sales rather than purchases.
- [MARA Holdings](https://coinlaw.io/marathon-digital-holdings-statistics/) carried total bitcoin holdings of **35,577** as of June 30, 2026 across two balance-sheet lines.
- [CleanSpark](https://coinlaw.io/cleanspark-statistics/) held **12,205** bitcoin as of June 30, 2026, up from **10,428** at September 30, 2025.
- Tesla still carried **11,509** units of Bitcoin as of June 30, 2026, unchanged from its December 31, 2025 disclosure.
- Riot Platforms closed the quarter with **11,380** bitcoin, of which **5,821** were held as collateral.
- Block reported approximately **9,117** bitcoins held for investment purposes as of June 30, 2026, up from **8,883** at December 31, 2025.
- Metaplanet’s **43,000 BTC** is the only non-US position in the group and the only one disclosed through a press release rather than a periodic filing.

| Company | Bitcoin held | As-of date | Disclosure |
|---|---|---|---|
| Strategy | 846,000 | June 30, 2026 | Form 8-K |
| Metaplanet | 43,000 | August 18, 2026 | Company press release |
| MARA Holdings | 35,577 | June 30, 2026 | Form 10-Q |
| CleanSpark | 12,205 | June 30, 2026 | Form 10-Q |
| Tesla | 11,509 | June 30, 2026 | Form 10-Q |
| Riot Platforms | 11,380 | June 30, 2026 | Form 8-K exhibit |
| Block | 9,117 | June 30, 2026 | Form 10-Q |

*Source: SEC filings and issuer press releases, 2026*

## About This Data

Every figure here is compiled from 14 primary sources: SEC Forms 8-K and 10-Q plus two issuer press releases, all Tier 1, captured between June and August 2026. A company qualifies only if it disclosed a specific holding in its own filing or release. Figures are reviewed on a rolling basis and updated when the next filing lands.

### Which company holds the most Bitcoin?

Strategy holds the most. Its **846,000** bitcoin as of June 30, 2026 sit at a digital asset cost basis of **$63.939 billion**, or **$63.94 billion**, which is larger than every other position in the filer set combined. The company’s [MicroStrategy holdings history](https://coinlaw.io/microstrategy-statistics/) shows how that balance was assembled over successive quarters.

 Strategy aggregate purchase price Source: Strategy Form 8-K, SEC, July 2026    COINLAW SNAPSHOT Strategy aggregate purchase price    Strategy Form · 2026   $63.94 billion   SOURCE Strategy Form 8-K, SEC, July 2026      ## Balance-Sheet Value of Corporate Bitcoin Holdings

- MARA carried its bitcoin at a fair value of **$2.083 billion** against a cost basis of **$1.945 billion** as of June 30, 2026, one of the few holdings in the group marked above what it cost.
- CleanSpark’s position was worth **$714.3 million** in fair value against **$1.101 billion** of cost basis on the same date.
- [Riot](https://coinlaw.io/riot-platforms-statistics/) valued its coins at approximately **$666.0 million**, based on the market price for one bitcoin on June 30, 2026, of **$58,527**.
- Block reported a fair value of **$533.9 million** on approximately 9,117 bitcoins held for long-term investment.
- Reported currency units differ by filer: MARA’s fair value converts to **$2,083.1 million** and CleanSpark’s to **$714.3 million**, which is how both sit on the same scale as Riot and Block below.

 Company by Fair value of bitcoin held ($ millions) FAIR VALUE OF BITCOIN HELD ($ MILLIONS) · Source: SEC Form 10-Q filings and Riot Platforms second-quarter 2026 results, 2026    FAIR VALUE OF BITCOIN HELD ($ MILLIONS) · COINLAW ANALYSIS Company by Fair value of bitcoin held ($ millions)    SEC Form · 2026          2.4K 1.8K 1.2K 600 0   2083.1 MARA Holdings  714.3 CleanSpark  666.0 Riot Platforms  533.9 Block    SOURCE SEC Form 10-Q filings and Riot Platforms second-quarter 2026 results, 2026      > **Worth noting:** MARA’s total bitcoin carried a fair value of **$2.083 billion** against **$1.945 billion** of cost, while CleanSpark’s **$714.3 million** of fair value sat below **$1.101 billion** of cost. Two miners, the same quarter, opposite sides of their own entry prices.

## Recent Developments

- **June 2026:** On June 23, SharpLink completed a **$75.0 million** registered direct offering, issuing **10,013,351** shares of common stock and accompanying warrants at a combined purchase price of **$7.49** per share and warrant.
- **June 2026:** Riot ended the quarter with over **$1.2 billion** in liquid assets, including 11,380 bitcoin and **$548.9 million** in cash, of which **$77.5 million** is restricted.
- **June 2026:** MARA closed the period with total digital assets of **$2.085 billion** in fair value, including **$2.083 million** of other digital assets.
- **July 2026:** Strategy reported **843,775** bitcoin and a USD Reserve balance of **$2.55 billion**, after selling **2,225** bitcoin between July 1 and July 5.
- **August 2026:** SharpLink’s ether treasury reached approximately **888,938 ETH**, up from approximately **886,881 ETH** at June 30, 2026.
- **August 2026:** Metaplanet agreed to contribute **2,100** Bitcoin through its wholly owned subsidiary to Super League Enterprise (Nasdaq: SLE), which will be renamed Superplanet, Inc. and become its US Bitcoin treasury platform.

## Quarter-by-Quarter Growth in the Largest Treasury

- Strategy’s balance climbed across four consecutive quarter-ends, from **597,325** bitcoin at June 30, 2025 to **672,500** at December 31, 2025, **762,099** at March 31, 2026, and **846,000** at June 30, 2026.
- The June 2026 quarter added **83,901** bitcoin, below the **89,599** added in the March quarter.
- Accumulation ran against a falling market. Strategy disclosed a market price per bitcoin at the end of the June 2026 quarter of **$58,714**, against a highest market price during that quarter of **$76,306** and a lowest of **$58,000**.
- Measured at the ending market price, the position was worth **$49.672 billion** at June 30, 2026.
- Year over year, the balance grew by **41.6%** from the June 2025 quarter-end.

 Quarter end by Bitcoin held  BITCOIN HELD · Source: Strategy Inc Form 10-Q, SEC, June 2026    BITCOIN HELD · COINLAW ANALYSIS Quarter end by Bitcoin held     Strategy Inc · 2026           1000000 800000 600000 400000 200000 0    June 30, 2025: June 30, 2025 December 31, 2025: December 31, 2025 March 31, 2026: March 31, 2026 June 30, 2026: June 30, 2026   June 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026    SOURCE Strategy Inc Form 10-Q, SEC, June 2026      

## What Treasury Companies Paid per Bitcoin

- Strategy disclosed **$75,578** as the average price it paid for the bitcoin it held as of June 30, 2026.
- CleanSpark disclosed a per-bitcoin cost basis of **$90,188** as of June 30, 2026, down from **$105,025** at September 30, 2025.
- The market reference point was low against both. Riot cited a market price for one bitcoin on June 30, 2026 of **$58,527**.
- CleanSpark’s own mark on the same day was a fair value of **$58,524** per bitcoin, within **$3** of Riot’s reference, which is a useful cross-check on two independently prepared filings.
- Production cost is a separate number from purchase cost. Riot reported an average cost to mine bitcoin, excluding depreciation, of **$49,912** in the quarter, compared with **$48,992** per bitcoin in the same three-month period in 2025.

 Measure by US dollars per bitcoin US DOLLARS PER BITCOIN · Source: SEC filings and Riot Platforms second-quarter 2026 results, 2026    US DOLLARS PER BITCOIN · COINLAW ANALYSIS Measure by US dollars per bitcoin    SEC · 2026          100K 75K 50K 25K 0   90188 CleanSpark cost basis  75578 Strategy average purchase price  58527 Market price, June 30, 2026    SOURCE SEC filings and Riot Platforms second-quarter 2026 results, 2026      Cost basis is the number the aggregator trackers usually omit, and it changes how a holding reads. A miner whose coins were produced near the top of a cycle carries a very different balance sheet from one that accumulated years earlier, even when both report similar coin counts. Reported production cost sits below both purchase-price figures above, which is the arithmetic behind why several miners became bitcoin treasury companies rather than sellers of their own output. Readers tracking the underlying economics can follow the [cryptocurrency mining statistics](https://coinlaw.io/cryptocurrency-mining-statistics/) that drive those production numbers.

## Cost Basis Committed Across the Smaller Cohort

- MARA’s cost basis stood at **$1.945 billion** across total bitcoin holdings of 35,577 as of June 30, 2026, or about **$54,663** per coin.
- CleanSpark had committed **$1.101 billion** of cost basis to 12,205 bitcoin by the same date.
- Tesla’s entry remains the cheapest disclosed in the group at an acquisition cost of **$386 million** for 11,509 units of Bitcoin.
- Block reported a cost basis of **$310.2 million** on approximately 9,117 bitcoins, against **$292.6 million** on 8,883 bitcoins at December 31, 2025, which implies an average near **$34,024** a coin.
- Additions have been modest for the operating-company holders. Block’s bitcoin investment balance moved from **8,883** bitcoin at December 31, 2025, to 9,117, with additions of **149** bitcoin valued at **$12.6 million**.

 Company by Cost basis of bitcoin held ($ millions) COST BASIS OF BITCOIN HELD ($ MILLIONS) · Source: SEC Form 10-Q filings, 2026    COST BASIS OF BITCOIN HELD ($ MILLIONS) · COINLAW ANALYSIS Company by Cost basis of bitcoin held ($ millions)    SEC Form · 2026          2K 1.5K 1K 500 0   1944.7 MARA Holdings  1100.8 CleanSpark  386.0 Tesla  310.2 Block    SOURCE SEC Form 10-Q filings, 2026      ## Unrealized Losses Running Through Treasury Earnings

- Strategy reported an unrealized loss on digital assets of **$8.32 billion** for the three months ended June 30, 2026, and **$22.77 billion** for the six months.
- The gap between what it paid and what the coins were worth is visible on the balance sheet: a digital asset cost basis of **$63.939 billion** against a digital asset fair value of **$49.672 billion**, a shortfall of **$14.27 billion**.
- CleanSpark sat in the same position at a smaller scale, **$386.5 million** below cost at June 30, 2026.
- MARA carried its coins **$138.4 million** above cost on the same date.
- Even collateral positions moved. Coinbase’s bitcoin held as collateral carried a cost basis of **$1.657 billion** against a fair value of **$1.323 billion**.
- Holdings grew through the drawdown rather than shrinking. Strategy’s balance rose from **672,500** bitcoin at December 31, 2025 to 846,000 at June 30, 2026.

> **Key finding:** Strategy booked **$22.77 billion** of unrealized loss on digital assets across the six months ended June 30, 2026 while its holdings rose from **672,500** to **846,000** bitcoin. Mark-to-market accounting means the reported loss and the accumulation trend point in opposite directions in the same filing.

## Bitcoin Miners That Became Treasury Holders

- MARA splits its balance in two: **26,307** bitcoin at a cost basis of **$1.890 billion** and a fair value of **$1.541 billion**, plus **9,270** bitcoin receivable at **$55.2 million** of cost and **$542.5 million** of fair value.
- The receivable line is the distinction that coin-count trackers flatten. Coins recorded as receivable are owed to the company rather than sitting under its own keys, so a headline balance and a controlled balance are not the same number.
- Riot’s collateral position works the same way: of its 11,380 bitcoin, **5,821** were held as collateral.
- Production still feeds these balances. Riot produced **1,587** bitcoin in the quarter, compared with **1,426** during the same three-month period in 2025.
- Mining revenue fell even as production rose: **$113.7 million** for the quarter against **$140.9 million** in the same period of 2025.
- CleanSpark grew its holdings through the same route, from **10,428** bitcoin at September 30, 2025 to 12,205 at June 30, 2026.

 Balance-sheet line  SHARE OF BITCOIN (%) · Source: MARA Holdings Form 10-Q, SEC, June 2026     SHARE OF BITCOIN (%) · COINLAW ANALYSIS Balance-sheet line     MARA Holdings · 2026     74% BITCOIN    Bitcoin 74%    Bitcoin receivable 26%     SOURCE MARA Holdings Form 10-Q, SEC, June 2026      ## Operating Companies That Hold Bitcoin Without Mining It

- Tesla’s disclosure is the shortest in the group: the majority of its digital assets were comprised of **11,509** units of Bitcoin held at an acquisition cost of **$386 million** as of June 30, 2026, and December 31, 2025.
- Block accounts for its coins as an indefinite-lived intangible asset and holds them for long-term investment purposes, separately from bitcoin held for the facilitation of customer sales and purchases on Cash App.
- On its own investment position, the Company states it has ownership of and control over its bitcoin, which it accounts for as an indefinite-lived intangible asset.
- Coinbase carries a broader crypto position: **$1.468 billion** of crypto assets held for investment as of June 30, 2026, against **$1.999 billion** at December 31, 2025.
- Coinbase also books crypto it does not own outright, including **22,609** bitcoin and **24,965** ethereum recognized as crypto assets held as collateral as of June 30, 2026.

| Company | Position disclosed | Value reported | As-of date |
|---|---|---|---|
| Tesla | 11,509 units of Bitcoin | $386 million acquisition cost | June 30, 2026 |
| Block | 9,117 bitcoins for investment | $533.9 million fair value | June 30, 2026 |
| Coinbase | Crypto assets held for investment | $1.468 billion | June 30, 2026 |

*Source: SEC Form 10-Q filings, 2026*

The accounting treatment matters as much as the coin count when comparing bitcoin treasury companies. A holding carried at fair value moves through earnings every quarter, which is why the same market drawdown produces a remeasurement loss at one filer and a quieter footnote at another. Regulatory treatment of these disclosures continues to evolve alongside the wider [SEC crypto enforcement data](https://coinlaw.io/sec-and-cftc-regulations-on-cryptocurrencies-statistics/) that shapes what issuers must publish and when.

## Metaplanet and the Asia-Pacific Treasury Cohort

- Metaplanet trades in Tokyo as TSE: 3350 and described itself as the world’s third-largest corporate Bitcoin holder with **43,000 BTC** on August 18, 2026.
- Its US entry point is an existing Nasdaq listing rather than a new float: Super League Enterprise (Nasdaq: SLE) is to be renamed Superplanet, Inc. and become Metaplanet’s US Bitcoin treasury platform.
- The seed contribution is **2,100** Bitcoin, contributed through Metaplanet Holdings, Inc., its wholly owned US subsidiary.
- The structure carries a lock-up: a five-year Metaplanet lock-up that the companies framed as reflecting long-term commitment.
- Twenty One Capital sits in the same purpose-built category on the US side, and it describes itself as a Bitcoin-native public company bringing together Bitcoin treasury, financial services, mining and capital markets into a single operating platform.
- Ownership of that vehicle changed hands at the top, when Tether International, S.A. de C.V., Twenty One’s controlling shareholder, announced it had acquired SoftBank Group’s stake in XXI.

| Company | Listing | Jurisdiction | Treasury asset | Disclosure date |
|---|---|---|---|---|
| Metaplanet | TSE: 3350 | Japan | Bitcoin | August 18, 2026 |
| Superplanet (formerly Super League Enterprise) | Nasdaq: SLE | United States | Bitcoin | August 18, 2026 |
| Twenty One Capital | XXI | United States | Bitcoin | May 2026 |
| Strategy | Not stated in the cited filing | United States | Bitcoin | July 6, 2026 |

*Source: Issuer press releases and SEC filings, 2026*

## mNAV, Premium to Net Asset Value and How Raises Are Funded

- SharpLink’s June raise is the clearest disclosed example of the mechanic: a **$75.0 million** registered direct offering completed at a premium to its net asset value.
- The pricing detail sits in the same filing: **10,013,351** shares of common stock and accompanying warrants at a combined purchase price of **$7.49** per share and warrant.
- Strategy funds obligations from a dedicated cash buffer rather than from equity alone, and its USD Reserve is intended to support payment of dividends on preferred stock and interest on outstanding indebtedness, and stood at **$2.55 billion** as of July 5, 2026.
- That buffer is replenished in part through sales, since proceeds from the bitcoin sales were used to fund payment of distributions on preferred stock and to replenish the portion of the USD reserve used for this purpose.
- Equity issuance is the primary funding route. In the second quarter of 2026, Strategy purchased bitcoin using **$5.46 billion** of the net proceeds from [ATM](https://coinlaw.io/crypto-atm-statistics/) sales of STRC Stock and **$0.96 billion** of the net proceeds from ATM sales of class A common stock.

| Company | Capital action | Amount | Date | Pricing note |
|---|---|---|---|---|
| SharpLink Gaming | Registered direct offering | $75.0 million | June 23, 2026 | Completed at a premium to net asset value |
| SharpLink Gaming | Shares and warrants issued | 10,013,351 shares | June 23, 2026 | $7.49 combined purchase price |
| Strategy | USD Reserve balance | $2.55 billion | July 5, 2026 | Supports preferred dividends and interest |
| Strategy | ATM proceeds used to buy bitcoin | $5.46 billion | Second quarter 2026 | Net proceeds from ATM sales of STRC Stock |
| Metaplanet | Bitcoin contributed to Superplanet | 2,100 bitcoin | August 18, 2026 | Five-year lock-up |

*Source: SEC filings and issuer press releases, 2026*

### What is mNAV for a bitcoin treasury company?

mNAV is shorthand for the ratio between a treasury company’s market capitalization and the net asset value of the crypto it holds. A ratio above one is a premium, below one a discount. The mechanic matters because an issuer selling shares above net asset value raises more crypto per share issued, which is the structure SharpLink’s June offering described.

## Ethereum Treasury Vehicles as the Comparison Cohort

- SharpLink’s ether position is the largest single disclosed non-bitcoin treasury in the group at approximately **888,938 ETH** as of August 3, 2026.
- The June quarter-end figure was approximately **886,881 ETH** as of June 30, 2026, so the position grew by roughly two thousand coins over five weeks.
- Valued on a US GAAP basis, SharpLink’s crypto assets totaled approximately **$1.4 billion** as of June 30, 2026.
- Coinbase’s ether exposure runs through a different mechanism: **24,965** ethereum recognized as crypto assets held as collateral, with a cost basis of **$58.2 million** and a fair value of **$39.2 million** as of June 30, 2026.
- That collateral pool is bitcoin-weighted: **22,609** bitcoin sat alongside it at a fair value of **$1.323 billion**.

 SharpLink ether holdings, August 3, 2026 Source: SharpLink Gaming Form 8-K exhibit 99.1, SEC, August 2026    COINLAW SNAPSHOT SharpLink ether holdings, August 3, 2026    SharpLink Gaming · 2026   888938   SOURCE SharpLink Gaming Form 8-K exhibit 99.1, SEC, August 2026      The ether cohort is younger and thinner than the bitcoin one, and it rests on a different funding argument: staking yield gives an ether treasury an income line a bitcoin treasury does not have. Coinbase’s collateral lines show a second route into the same asset. Anyone tracking the fund-wrapper version of this exposure can compare it against [Ethereum ETF statistics](https://coinlaw.io/ethereum-etf-statistics/).

| Position | Asset | Amount | As-of date |
|---|---|---|---|
| SharpLink treasury | Ether | 886,881 ETH | June 30, 2026 |
| SharpLink crypto assets | All crypto | approximately $1.4 billion | June 30, 2026 |
| Coinbase crypto assets held for investment | All crypto | $1.468 billion | June 30, 2026 |
| Coinbase ether held as collateral | Ether | 24,965 ETH | June 30, 2026 |

*Source: SEC Form 8-K and Form 10-Q filings, 2026*

## How Concentrated Corporate Bitcoin Holdings Really Are

- No filing publishes an audited total for corporate bitcoin. The honest version of the category number is a sum of disclosed positions with their as-of dates attached, not a single figure presented as a market total.
- Summing the seven filers above gives **968,788** bitcoin across positions dated between June 30 and August 18, 2026.
- Strategy accounts for **87.3%** of that total, which makes the category arithmetic a single-issuer story with a long tail attached.
- Removing Strategy leaves **122,788** bitcoin spread across the remaining six filers.
- Share of circulating supply is a different question, and these filings do not answer it. None of the sources here states a supply figure, so any percentage of total bitcoin would be an estimate rather than a disclosure. The separate question of [how many bitcoins exist](https://coinlaw.io/how-many-bitcoins-are-there-statistics/) is answered on-chain rather than in a 10-Q.

> **By the numbers:** Seven public filers disclosed **968,788** bitcoin between June 30 and August 18, 2026, and **846,000** of them sat with Strategy on June 30. Concentration at that level means one issuer’s buying and selling decisions set the direction of every category-level chart.

Concentration also shapes how comparable this cohort is to other pooled bitcoin holders. A fund wrapper reports daily, and a treasury company reports quarterly, so the two data sets move at different speeds even when the underlying asset is identical. The [Bitcoin ETF flow data](https://coinlaw.io/bitcoin-etf-statistics/) updates far more often than any filing schedule allows, and [BlackRock’s bitcoin position](https://coinlaw.io/how-much-bitcoin-does-blackrock-hold/) is disclosed on a cadence no corporate treasury matches.

## How many public companies hold Bitcoin?

No regulator publishes a count of bitcoin treasury companies, and no single filing produces one. What the disclosures support is a tracked set rather than a census: the seven filers above each stated a specific bitcoin position in their own filing or press release, and several more, including Twenty One Capital, describe bitcoin treasury operations without stating a holding in the documents cited here.

Broader numbers circulating online come from aggregator trackers compiling third-party estimates, and those totals cannot be reconciled to a filing line by line. We publish what the filings state and name the gap where they do not. Governance-driven holders sit outside the corporate perimeter entirely, as the [DAO treasury holdings data](https://coinlaw.io/dao-treasury-holdings-statistics/) shows.

## Conclusion

Bitcoin treasury companies this year amount to one very large position surrounded by a varied group of smaller ones. Strategy’s **846,000** bitcoin at an average purchase price of **$75,578** dwarf every other disclosure, while the miners around it carry coins at very different entry prices, from CleanSpark’s $90,188 cost basis to Tesla’s **$386 million** book. The receivable and collateral lines inside MARA’s and Riot’s balances add a layer that a coin count alone hides.

The lines worth watching next are cost basis rather than holdings, since those reveal whether a treasury is compounding or absorbing losses. Metaplanet’s Tokyo listing and its Nasdaq platform point to the same reporting question arriving in a second jurisdiction with a different filing calendar.

Definition of Staking. Link to full glossary entry follows the description.**Staking**Staking is the process of locking cryptocurrency in a proof-of-stake network to help validate transactions and earn rewards, replacing energy-intensive mining.

[Read more](https://coinlaw.io/glossary/staking/)