Bitcoin Treasury Stocks by Enterprise Value

The total Bitcoin treasury stock enterprise value is $2.91T

# Company BTC Treasury Enterprise Value Market Cap EV/EH/s EV/MW EV/EBITDA EV/Revenue
1
MSTR
Strategy Inc MSTR
843,775 BTC
$-21,005,841,384
-$21.01B
$27,232,653,308
$27.23B
2
XXI
Twenty One Capital Inc XXI
43,500 BTC
$-2,381,866,008
-$2.38B
$46,555,999
$46.56M
3
3350.T
Metaplanet Inc. 3350.T
40,177 BTC
$-607,586,269
-$607.59M
$1,742,504,478
$1.74B
4
MARA
MARA Holdings, Inc. MARA
35,303 BTC
$4,287,903,063
$4.29B
$4,620,998,496
$4.62B
5
BLSH
Bullish BLSH
24,300 BTC
$2,484,071,267
$2.48B
$3,633,494,370
$3.63B
6
ASST
Strive, Inc. ASST
19,921 BTC
$-407,389,276
-$407.39M
$956,307,046
$956.31M
7
SPCX
Space Exploration Technologies Corp. SPCX
18,712 BTC1
$874,860,532,935
$874.86B
$861,651,466,945
$861.65B
8
GLXY
Galaxy Digital GLXY
18,380 BTC
$8,126,880,166
$8.13B
$7,522,662,271
$7.52B
9
COIN
Coinbase Global, Inc. COIN
16,492 BTC
$38,120,093,042
$38.12B
$41,703,003,146
$41.7B
10
RIOT
Riot Platforms, Inc. RIOT
15,680 BTC
$8,182,411,719
$8.18B
$8,519,747,211
$8.52B

Learn more about Enterprise Value and our calculations.

1Indicates company has no reported Bitcoin holdings, and thus the fair value of any holdings were not subtracted in the EV calculation.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a financial metric that measures a company's total value by considering not only its market capitalization but also its debt and cash levels. EV can be thought of as the effective cost of buying a company or the theoretical price of a target company before factoring in a takeover premium. This offers a more comprehensive reflection of a company's true worth than market capitalization alone.

How is Enterprise Value Calculated?

EV = Current Market Cap + Total Debt - Cash & Cash Equivalents - Fair Value of Bitcoin Holdings. Enterprise Value is calculated by taking a company's market capitalization and subtracting cash & cash equivalents as well as the fair value of the company's Bitcoin holdings (if reported), as cash on hand reduces the net value of a company's obligations. We then add the company's total debt to reflect any outstanding liabilities.

Where Do We Source the Data for Enterprise Value Calculations?

We obtain figures for cash & cash equivalents and total debt from the latest financial statements published by bitcoin treasury companies. Most companies release their financial statements on a quarterly basis, though some only report annually. The fair value of a company's bitcoin holdings is calculated by multiplying their last reported bitcoin holdings by the current bitcoin price. As for the market cap component, we use the current market cap value which is calculated by current share price by the current number of shares outstanding.

Why is Enterprise Value Important When Analyzing Bitcoin Treasury Companies?

Enterprise Value is critical for evaluating bitcoin treasury companies because it accounts for the full scope of a company's financial obligations, including the fair value of their bitcoin holdings. Many treasury companies take on significant debt to acquire bitcoin, making EV a more accurate measure of their overall value. Additionally, EV serves as the basis for many financial ratios used to measure a company's performance, providing deeper insights into its operational efficiency and profitability.

Can Enterprise Value Help Identify Undervalued Bitcoin Treasury Stocks?

Analyzing Enterprise Value can provide investors with insights into the valuation of bitcoin treasury stocks. While a low EV relative to a company's earnings or revenues might suggest potential undervaluation, it is important to consider other factors such as growth prospects, industry conditions, and the company's financial health. EV is just one tool among many that can help investors assess whether a stock is priced appropriately.