The mNAV Bitcoin Treasury Terminal: Your Command Center for the Bitcoin Treasury Ecosystem
TLDR: Visit the new Terminal (it's really cool)
Public companies are rapidly becoming Bitcoin accumulation vehicles.
In 2025 alone, the number of firms holding Bitcoin on their balance sheets surged from 74 to more than 190.
This has created an entirely new market segment: Bitcoin Treasury Companies (BTC-TCs) — firms that accumulate BTC as a strategic reserve asset.
Some are pure-play Bitcoin treasury companies.
Others are operating businesses that have chosen to allocate part of their capital to Bitcoin.
Either way, a new ecosystem has emerged — and it’s growing fast.
But, until now, tracking this ecosystem has been surprisingly difficult.
Investors typically have to jump between:
• company filings
• treasury announcements
• BTC balance sheets
• dilution events
• market cap changes
• Bitcoin price movements
…and then build their own spreadsheets just to make sense of it all.
As early investors in Bitcoin treasury companies, we found ourselves doing exactly that — spending way too much time building large internal datasets just to track what was happening across the space.
We kept asking the same question:
Why doesn’t a tool for this exist yet?
So we built one.
Introducing the The mNAV Bitcoin Treasury Terminal.
Your Command Centre for Bitcoin Treasury Intelligence
The mNAV Bitcoin Treasury Terminal is a live command center for the Bitcoin treasury ecosystem.
It allows investors to track, compare, and analyse every public company accumulating Bitcoin in one place.
Instead of a wall of raw data, the terminal provides:
• interactive charts
• comparative company dashboards
• real-time treasury metrics
• ecosystem-wide leaderboards
At a glance, you can see:
• which companies hold the most Bitcoin
• which companies are accumulating BTC the fastest
• which companies trade at premiums or discounts to their BTC holdings
• which companies are increasing — or diluting — Bitcoin per share
Rather than manually tracking dozens of companies across multiple websites and filings, you can now view the entire Bitcoin treasury ecosystem from a single dashboard.
Deep-Dive Dashboards for Every Bitcoin Treasury Company
To learn more about a company, just click on the name to open a graphical dashboard.
You can then click on the charts for more detail.
Then, use the arrows on the screen or your keyboard to toggle through all the charts for that company.
By default, the terminal focuses on BTC per fully diluted share — the metric we believe matters most.
This reveals whether a company is actually creating Bitcoin exposure for shareholders — or quietly diluting it.
See Who’s Winning the Bitcoin Treasury Race
At the core of the terminal is a live leaderboard of Bitcoin treasury companies.
Key metrics include:
Market performance
• Share price change (24h → 1 year)
• Bitcoin treasury growth
• BTC held
• Change in BTC holdings
• BTC per share
• Daily BTC yield
Valuation
• mNAV
• BTC NAV
• Market cap
• Trading volume
Investors can quickly identify:
· which companies are aggressively accumulating BTC
· which companies are increasing BTC per share
· which companies are diluting shareholders
Slice the Bitcoin Treasury Market Any Way You Want
Once you’ve explored the default terminal layout, click on ‘Columns’ to personalise your terminal dashboard to show the metrics you are tracking. You can rearrange the table columns as well.
You can then click on the filter and use the sliders to fine-tune the type of companies, based on:
· Bitcoin holdings – the larger ones are more stable while the smaller ones move more quickly.
· mNAV – focus on the companies that are severely undervalued
· Bitcoin yield – which companies are growing your stack the fastest?
Create Your Own Bitcoin Treasury Radar
When you create an account (free, just click here) and log in, you can create your own watch list to zero in on the companies you’re tracking.
Discover Hidden Opportunities with Advanced Filters
The terminal includes filtering tools that let users quickly explore different categories of Bitcoin treasury companies.
Examples include:
· Top Holders - Focus on the companies with the largest BTC treasuries,
· Price Trends - Sort companies by recent share price performance,
· New Entrants - Identify recently added Bitcoin treasury companies,
· Bitcoin for Corporations members,
· Diamond hands – companies that never sell their bitcoin, and
· Companies that offer preferred shares
…and many more.
These filters make it easier to navigate a rapidly expanding universe of BTC treasury firms.
Built for the Bitcoin Treasury Era
While BTC-TCs have fallen out of favour in recent months, we believe the rise of Bitcoin treasury companies is one of the most important structural trends in global markets.
Public companies are increasingly acting like Bitcoin acquisition vehicles, serving as amplified Bitcoin, increasing volatility in both directions.
In the run-up to the peak in June 2025, BTC-TCs were among the fastest-moving sectors, with some of the best-performing stocks, including Strategy, MetaPlanet, and the Smarter Web Company.
But volatility cuts both ways – since the peak, many of them have pulled back sharply. But we believe that once Bitcoin starts to rip again, BTC-TCs will again act as leveraged Bitcoin plays for savvy investors who hope to outperform Bitcoin.
But until now, the data required to analyze them has been fragmented. There are many sites that show a wall of data, but we aim to make it graphical, interactive, and enable investors to easily compare their favourite companies.
Start Exploring the Bitcoin Treasury Terminal
The mNAV Bitcoin Treasury Terminal is now live.
Explore the full dashboard here: mNAV Terminal → Bitcoin Treasury
Track the companies building on Bitcoin and compare them across the metrics that matter most — from BTC holdings and BTC yield to mNAV and Bitcoin per share.
As the Bitcoin treasury ecosystem continues to grow, tools like this will become essential for investors who want to understand which companies are truly creating Bitcoin exposure for shareholders.
We built this terminal for ourselves and the community — and we plan to keep improving it.
If you have ideas, suggestions, or features you’d like to see added, we’d love to hear from you.