Bitcoin treasury company
A listed company that holds bitcoin as a main treasury asset and often funds purchases by issuing shares or debt.
Some listed companies buy bitcoin with cash on hand or with proceeds from share and debt offerings, and hold it on the balance sheet. Their shares can trade above or below the value of the bitcoin they hold. Accounting for bitcoin holdings affects reported earnings, so read the filing rather than relying on headline figures.
Traders care because these companies can act as a leveraged or amplified proxy for bitcoin, especially when funded by debt or share issuance. The premium or discount to the value of holdings, measured by mNAV, reflects investor appetite for the structure. Bitcoin price moves can be amplified in both directions.
Worked example (illustrative numbers, not real data): a company holds 10,000 bitcoin valued at an assumed 100,000 dollars each, or 1 billion dollars. With 100 million shares outstanding, net asset value is 10 dollars per share. If the shares trade at 15 dollars, mNAV is 1.5.