Bitcoin Treasury Stocks by Enterprise Value

Q: Can Enterprise Value Help Identify Undervalued Bitcoin Treasury Stocks?

Analyzing Enterprise Value can provide insights into the valuation of bitcoin treasury stocks. A low EV relative to a company's earnings or revenues might suggest potential undervaluation, but it is important to also consider growth prospects, industry conditions, and the company's financial health.

The total Bitcoin treasury stock enterprise value is $3.93T

#	Company	BTC Treasury	Enterprise Value	Market Cap	Crypto Holdings
1	Strategy Inc MSTR	849,327 BTC	$78,766,964,808 $78.77B	$60,548,756,459 $60.55B	$67,897,124,682 $67.9B
2	Metaplanet Inc. 3350.T	44,000 BTC	$2,558,364,768 $2.56B	$2,100,950,043 $2.1B	$3,517,459,690 $3.52B
3	Twenty One Capital Inc XXI	43,500 BTC	$3,637,358,658 $3.64B	$3,258,947,026 $3.26B	$3,476,472,310 $3.48B
4	Strive, Inc. ASST	43,124 BTC	$2,339,013,520 $2.34B	$2,493,196,992 $2.49B	$3,446,422,803 $3.45B
5	Marathon Digital Holdings, Inc. MARA	35,577 BTC	$4,745,188,851 $4.75B	$2,646,148,150 $2.65B	$2,843,274,837 $2.84B
6	Galaxy Digital GLXY	21,084 BTC	$9,108,913,860 $9.11B	$5,554,533,968 $5.55B	$1,991,940,645 $1.99B
7	Bullish BLSH	19,990 BTC¹		$3,512,175,693 $3.51B	$1,620,997,870 $1.62B
8	Space Exploration Technologies Corp. SPCX	18,712 BTC¹	$1,807,684,158,280 $1.81T	$1,817,961,188,086 $1.82T	$1,495,442,526 $1.5B
9	Coinbase Global, Inc. COIN	17,954 BTC¹	$38,154,183,778 $38.15B	$40,164,610,510 $40.16B	$1,801,956,542 $1.8B
10	Trump Media & Technology Group Corp. DJT	14,139 BTC¹	$2,021,970,260 $2.02B	$1,266,022,489 $1.27B	$1,129,973,379 $1.13B

Learn more about Enterprise Value and our calculations.

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 = Market Cap + Total Debt + Finance Leases + Minority Interest + Preferred Stock - Cash & Cash Equivalents. Minority interest includes redeemable minority interest where the filing reports it, and preferred stock is counted at its liquidation preference where stated, otherwise at its carrying value. Operating leases and restricted cash are left out. Crypto holdings are not subtracted, which matches how Yahoo Finance and TradingView define EV.

What does Net of crypto show?

Net of crypto subtracts the current value of each company's crypto holdings from its Enterprise Value, and EV/EBITDA, EV/Revenue and the other per-unit ratios change with it. It treats crypto like cash. For a company that consolidates a listed subsidiary, such as Hut 8 with American Bitcoin, the subsidiary's crypto is included.

What is EV mNAV?

EV mNAV is Enterprise Value divided by the current value of the company's crypto holdings, counting every coin it holds and any listed subsidiary it consolidates (Hut 8 includes American Bitcoin). Unlike mNAV, which uses market cap, it also counts the company's debt, minority interest and preferred stock, less its cash.

Why is EV blank for some companies?

We leave EV and every ratio built on it blank when we have no balance sheet from the last 200 days, or when we could not recompute it in the last day. This mostly affects non-US companies without a recent filing we can read.

Where Do We Source the Data for Enterprise Value Calculations?

Cash, debt, finance leases, minority interest and preferred stock come from the latest balance sheet each company files, usually every quarter, though some only report annually. The value of crypto holdings is the last reported holdings multiplied by the current price. Market cap uses the current share price multiplied by 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. 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.