Market Data

Volume per Bitcoin Held

Average dollar volume the stock trades each day over the last 30 sessions, divided by the company’s on‑balance BTC.

What the term means

Volume per Bitcoin Held divides a company’s 30-day average daily dollar trading volume by its on-balance-sheet Bitcoin holdings. The result, expressed as USD per Bitcoin, shows how much stock-market liquidity backs each coin the company owns.

30-day average dollar volume ÷ Total BTC holdings

A $1.48 million/BTC ratio means every Bitcoin in the treasury is supported by $1.48 million of average daily stock liquidity. A $4,200/BTC ratio means exposure is effectively illiquid.

Why the term matters for Bitcoin treasury companies

True institutional accessibility

Ratios above $500 K/BTC let a $100 million allocator (roughly 200 BTC at $500 K) build or unwind positions with minimal impact. Ratios below $50 K/BTC mean the same trade moves the stock 10–30%, making it unusable for serious capital.

Capital-raising without slippage

Treasuries with $2 million/BTC ratios can raise $500 million (≈1,000 BTC) via ATM programs without denting the tape. Low ratios force tiny raises or steep discounts, throttling BTC accumulation.

Gamma efficiency per satoshi

High volume-per-BTC supports massive options OI relative to the actual BTC stack. A $1.5 million/BTC treasury can carry $60 billion in OI on just 40,000 BTC—creating leverage that fuels detachments from spot BTC.

Exit liquidity for BTC exposure

Investors seeking 500 BTC of exposure without touching spot can use the stock of a treasury with $1 million+/BTC ratios. Transactions execute cleanly with built-in leverage and gamma upside; low ratios trap investors in illiquid micro-caps.

Short-squeeze violence per Bitcoin

Combining high volume-per-BTC with high short interest creates nuclear cover rallies. A single catalyst can force $500 million–$2 billion of covering per 1,000 BTC held, driving multi-week moons.

Takeover and block-trade feasibility

Any acquirer needs to know whether the stock can absorb billions in volume without blowing out. Sub-$200 K/BTC ratios create “roach motels”—easy to enter small, impossible to control. High ratios signal institutional-grade infrastructure.

Comparative tiering

Leaderboards rank treasuries by volume-per-BTC: $1 million+/BTC = Tier-1 liquidity kings (historically MSTR), $300 K–$1 million/BTC = credible mid-tier, <$100 K/BTC = illiquid graveyard. Premium multiples accrue to the highest ratios.

Macro relevance signal

When volume-per-BTC crosses $2 million+, the stock can trade more dollar volume than Bitcoin itself on certain days—proving corporates have become primary liquidity venues for BTC exposure.

Bottom line

Volume per Bitcoin Held is the liquidity-per-satoshi metric that separates real Bitcoin proxies from pretenders. $1 million+/BTC ratios define institutional-grade on-ramps; low ratios doom treasuries to retail-only purgatory. The highest ratios attract size capital, support giant options books, and compound BTC faster.

How BitcoinQuant incorporates it

We blend 30-day dollar volumes with live holdings—30‑day average daily dollar volume (converted to USD) ÷ reported BTC holdings for the company. The ratio powers our liquidity-per-Bitcoin leaderboard, ATM capacity models, and institutional-screen filters that highlight which treasuries function as true macro on-ramps.