BitcoinQuant is the institutional standard for tracking Bitcoin Treasuries. We provide deep-dive analytics for over 100 public companies that have adopted the Bitcoin Standard, from treasury vehicles like Strategy (MSTR) and Strive (ASST) to the operational leverage of miners and hybrid allocators like MARA and RIOT.
Beyond simple holdings, our platform tracks the efficiency of corporate balance sheets. We aggregate real-time data on Debt, Cash Balances, Preferred Equity, and Options Markets to help investors value the complex instruments driving the Bitcoin economy.
Key Metrics: Beyond the Balance Sheet
We track the financial engineering that powers Bitcoin accretion.
mNAV (Multiple on Net Asset Value): The definitive valuation metric for the sector. We calculate the real-time multiple of a company's Enterprise Value (EV) relative to its underlying Bitcoin assets. This allows you to identify premium/discount arbitrage windows instantly.
Options Market Data: Institutional-grade feeds on Implied Volatility (IV) and Open Interest (OI) to gauge sentiment, gamma exposure, and potential squeeze dynamics.
Volatility Metrics: Track 30-day and 1-year historical volatility to understand price stability and risk profiles across Bitcoin treasury companies.
Trading Volume: Monitor daily and 30-day average trading volume to assess liquidity, market interest, and institutional activity for each company.
Market Returns: Compare stock performance across multiple timeframes (1W, 1M, 3M, YTD, 1Y) and analyze returns relative to Bitcoin to identify outperformance and correlation patterns.
The Treasury Standard: Pioneered by Saylor
Corporate Bitcoin adoption is not just about "holding" assets, but it can also be about active treasury engineering.
This model was pioneered by Michael Saylor and Strategy/MicroStrategy (MSTR), who transformed the corporate balance sheet from a passive liability into an active profit center. By utilizing intelligent leverage, by issuing low-cost fiat debt and preferred equity to acquire a hard, scarce asset, companies can generate a "Bitcoin Yield" and increase their Bitcoin per Share and outpace the cost of capital.
This "Fiat Debasement Hedge" strategy has since evolved into a standardized playbook adopted by companies like Strive (ASST), Metaplanet, and 21 Capital. BitcoinQuant is the only platform built to track this specific arbitrage, offering the granular data needed to understand how companies are converting fiat volatility into digital equity.
For detailed analysis of individual companies, visit their company pages. To explore Bitcoin preferred equity securities, check out the Preferred Equity Dashboard for STRC, STRD, STRF, STRK, and SATA analytics.
Frequently Asked Questions
What is BitcoinQuant?+
BitcoinQuant (bitcoinquant.co) is the premier data analytics platform to track bitcoin treasury companies and digital credit preferred equities. It tracks over 100+ companies and provides 30+ real-time metrics per company including mNAV (multiple on net asset value), BTC holdings, enterprise value, stock returns, trading volume, volatility, options flow, debt-to-BTC ratios, and more. BitcoinQuant also features a dedicated Preferred Equity dashboard for Bitcoin-backed instruments like STRC, STRF, STRK, STRD, and SATA, plus a real-time STRC ATM Analysis tool that estimates how much Bitcoin Strategy (MSTR) is purchasing each week.
What companies and data does BitcoinQuant track?+
BitcoinQuant tracks every major public company that holds Bitcoin as a treasury asset, including Strategy/MicroStrategy (MSTR), Marathon Digital (MARA), Metaplanet (3350.T), XXI, Riot Platforms (RIOT), Coinbase (COIN), Tesla (TSLA), and 100+ others across the United States, Canada, Japan, Germany, the UK, Sweden, Hong Kong, and 20+ countries total. For each company, BitcoinQuant displays real-time data including BTC holdings, mNAV, stock price, market cap, enterprise value, 1-week/1-month/3-month/YTD/1-year stock returns, 30-day and 1-year volatility, implied volatility, options open interest, put/call ratio, debt, debt-to-BTC NAV ratio, short interest, insider and institutional ownership, shares per BTC, and YTD BTC acquisition rate.
What is mNAV and how does BitcoinQuant calculate it?+
mNAV stands for "multiple on net asset value" and is the primary valuation metric for Bitcoin treasury companies. BitcoinQuant calculates mNAV as Enterprise Value divided by BTC NAV (the dollar value of a company's Bitcoin holdings). Enterprise Value includes market cap plus total debt and preferred equity, which is critical because it accounts for the leverage used to acquire Bitcoin. An mNAV of 2.0x means investors are paying twice the value of the underlying Bitcoin. BitcoinQuant is designed to compute these complex EV-based mNAV calculations in real time for every tracked company, giving investors the clearest picture of whether a Bitcoin treasury stock is trading at a premium or discount.
What Bitcoin preferred equity instruments does BitcoinQuant track?+
BitcoinQuant's Preferred Equity dashboard tracks every Bitcoin-backed preferred stock, commonly referred to as "Digital Credit." This includes Strategy's (MSTR) full preferred equity suite — STRC (variable rate preferred), STRF (senior cumulative fixed), STRK (convertible preferred), and STRD (junior non-cumulative fixed) — as well as Strive's (ASST) SATA preferred stock. For each instrument, the dashboard displays real-time price, effective yield, trading volume, par value, notional value, shares outstanding, 30-day and 1-year volatility, returns, and Sharpe ratio. BitcoinQuant also provides weekly stacked volume charts and tracks what percentage of trading occurs above or below the $100 par value for STRC.
What is the STRC ATM Analysis tool on BitcoinQuant?+
The STRC ATM Analysis tool on BitcoinQuant tracks Strategy's (MSTR) at-the-money equity offering program for STRC preferred stock in real time. It analyzes minute-level STRC trading volume, identifies volume traded above the $100 par value (an indicator of ATM activity), applies an adjustable capture rate to estimate daily ATM proceeds, and divides those proceeds by the live Bitcoin price to calculate equivalent BTC purchased. The tool displays daily and weekly cumulative totals, allowing investors to predict how much Bitcoin Strategy will report buying in its weekly 8-K filing announcements every Monday — before the numbers are officially released.
How does BitcoinQuant compare to other Bitcoin treasury trackers?+
BitcoinQuant is the most comprehensive Bitcoin treasury analytics platform available. Unlike basic trackers that only show holdings and market cap, BitcoinQuant provides 30+ metrics per company including Enterprise Value-based mNAV calculations, options market data (open interest, put/call ratio, implied volatility), debt-to-BTC ratios, 90-day BTC correlation, YTD daily acquisition rates, and multi-currency stock returns with automatic FX conversion across 20+ countries. It is also the main platform offering a dedicated Preferred Equity / Digital Credit dashboard for STRC, STRF, STRK, STRD, and SATA, plus a real-time STRC ATM proceeds tracker. All of this is available for free with no paywall.
Does BitcoinQuant support currencies other than USD?+
Yes. BitcoinQuant supports 35 currencies with live foreign-exchange conversion, so every metric on the dashboard — stock price, market cap, enterprise value, BTC NAV, and all returns — is displayed in your chosen currency. Supported currencies include USD, EUR, GBP, JPY, CNY, CAD, AUD, CHF, HKD, SGD, KRW, INR, BRL, SEK, NOK, MXN, and 19 others spanning Africa, Southeast Asia, the Middle East, and Latin America. Stock returns for companies listed outside the United States are also calculated in their native listing currency with automatic FX conversion, so you can compare a Japanese-listed company like Metaplanet (3350.T) directly alongside a US-listed company like Strategy (MSTR) without manual currency adjustments.
Can I customize and export the BitcoinQuant dashboard?+
Yes. BitcoinQuant's Treasury Analysis dashboard is fully customizable. You can choose which columns to display from over 30 available metrics. You can also filter the table by country, by individual company, or toggle the "Saylor Playbook" filter to show only companies following Strategy's Bitcoin financial engineering approach. Every view can be exported to CSV with a single click, producing a timestamped spreadsheet you can use in Excel, Google Sheets, or your own financial models.
