₿ Treasury Analytics
Nasdaq · ASST · USD

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Holdings as of 19 Oct 2026 · prices as of 23 Oct 2026 · capital structure as of 16 Oct 2026

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Holdings & valuation
BTC holdings
36,818 ₿
Last purchase 1,223 ₿ · 19 Oct 2026
BTC NAV
$2.98B
BTC price $81.07K
Market cap
$3.67B
45,305 ₿ · 126,790,000 fully diluted shares
Enterprise value
$4.71B
58,086 ₿
= Market cap $3.67B + pref. $1.40B − cash $366.85M
Share
Share price
$28.97
35,733 sats
Sats per share
29,039
CEBE per share
15,390
= (BTC − senior claims) / fully diluted shares, in sats
Multiples
mNAV
1.23x
Price at 1 mNAV $23.54
= Market cap $3.67B / BTC NAV $2.98B
Enterprise mNAV
1.58x
Price at 1 Enterprise mNAV $18.36
= Enterprise value $4.71B / BTC NAV $2.98B
CEBE
2.32x
Price at 1 CEBE $12.48
= Market cap $3.67B / (BTC NAV $2.98B − senior claims $1.40B)
Capital structure
Cash
$366.85M
4,525 ₿
Convertible debt
$0.00
0 ₿
Preferred
$1.40B
17,305 ₿ · liquidation value
Senior claims
$1.40B
17,305 ₿ · 47.0% of BTC NAV
= pref. $1.40B

Convertible bonds

Switch on "Assume future conversion" to count a note's conversion shares in the fully diluted share count instead of its face value as debt. Default: outstanding notes in the money, converted notes. Tiles, bar chart, valuation multiples and BTC per share update immediately (the data table below uses the defaults).
NoteHolderIssuedMaturityPut / callCouponConversion priceOutstandingShares on conversionStatusAssume future conversion
Semler 4.25% Convertible Senior Notes due 2030 assumed in the Semler merger2026-01-162030-08-01 – / – 4.25%$72.62– – repaid

Market cap vs. capital structure

In BTC, latest day · mNAV compares the market cap with the BTC holdings, enterprise mNAV with the net assets (BTC + cash − senior claims; EV mNAV = 1 + (market cap − net assets) / BTC), CEBE with BTC minus senior claims

Bitcoin holdings

Total BTC and BTC purchased per month

Price vs. BTC per share

Share price and BTC holdings per share, in sats

Valuation multiples

mNAV, enterprise mNAV and CEBE · dotted variants in the legend

Capital structure

Senior claims and cash vs. BTC holdings, in BTC

Share price

In USD, with the share price at which mNAV, enterprise mNAV and CEBE would be 1, and volume

BTC efficiency

CEBE per share vs. BTC holdings with fitted efficiency e (CEBE per share = a · BTC^(1 − 1/e))

Months to cover

Months until sats per share reached that day's price in sats (empty where not reached yet)

All data

283 days × 30 metrics · loaded and calculated values per day Download CSV