Balance Sheet

Insider Holdings

Percentage of shares held by insiders.

What the term means

Insider Holdings measures the percentage of basic shares owned by officers, directors, founders, and other insiders who file ownership reports. Formula:

(Insider-owned shares ÷ Basic Shares Outstanding) × 100

It includes restricted stock and vested options already converted to shares. Updates arrive with Forms 3/4/5, proxy statements, and quarterly filings.

Why the term matters for Bitcoin treasury companies

Ultimate skin in the game

Insider ownership above ~15% proves management’s wealth rises only if BTC-per-share rises. Low holdings (<5%) point to mercenary leadership that can walk away if the strategy fails.

Takeover fortress

Sub-1× mNAV treasuries with 25–40% insider stakes are almost raid-proof; would-be bidders must convince founders who have zero incentive to sell below multi-x NAV. Sparse insider holdings invite activists to force Bitcoin liquidation.

Dilution discipline

When insiders own big stakes, every ATM or convertible raise is scrutinized for BTC-per-share accretion. Low insider ownership removes that check and encourages serial dilution.

Narrative and retail trust

Retail loves “CEO owns 25% and keeps buying.” Insider accumulation during dips stabilizes premiums; insider selling triggers immediate FUD and premium compression.

Float and gamma dynamics

High insider ownership locks up float, amplifying gamma squeezes when Call OI spikes. Low insider stakes translate to high float and muted squeeze potential.

Long-term alignment

Large insider positions signal the strategy survives leadership transitions; tiny stakes imply the Bitcoin thesis leaves with the current management team.

Bottom line

Insider Holdings is the conviction litmus test. >15% equals mission-driven, takeover-proof operators; <5% marks activist bait and dilution risk. Back the teams who own the most—they are the ones determined to stack the most Bitcoin.

How BitcoinQuant incorporates it

We sync insider ownership from SEC and exchange filings—Source: Refinitiv ownership datasets; reconciled to float. Dashboards surface insider percentages, highlight buy/sell trends, and cross-reference holdings with dilution events so investors can gauge alignment in real time.