00 | Start here
The 5-minute guide to Bitcoin treasury companies
Five short answers, with links to the glossary and episodes.
01 | Guide
Five questions
- 01
What is a Bitcoin treasury company?
A public company that holds bitcoin as a main reserve asset and raises money to buy more. Strategy (MSTR) is the largest, with 847,666 BTC as of Sep 28, 2026. Strive (ASST), Metaplanet and others run their own versions. See treasury company and the leaderboard.
- 02
How does Strategy pay for its bitcoin?
Mostly by selling securities: new common shares through at-the-market (ATM) offerings, convertible notes, and preferred stock such as STRC, STRF, STRK and STRD, which Strategy calls digital credit. The latest buy was funded with MSTR ATM sales (Ep. 11).
- 03
What is mNAV?
mNAV compares the company’s market value with the value of its bitcoin. Above 1x, the market pays a premium; selling new shares can then add bitcoin per share (BTC per share). Strategy’s dashboard showed 1.20x on 10/02/2026. Explained in Ep. 11.
- 04
What are the preferreds?
Shares that pay a stated dividend on a $100 stated amount and rank ahead of common stock. STRC (12.00%) and Strive’s SATA (13.00%) have variable rates set monthly by the issuer. Compare them on the Preferred Yield Desk.
- 05
What are the risks?
Bitcoin is volatile. If the premium (mNAV) shrinks, issuing shares stops adding bitcoin per share. Preferred dividends and debt interest must be paid, and dividends can change or be suspended. Strategy keeps a USD Reserve for that, and in mid-2026 its ledger showed net BTC reductions. None of this is advice: read the filings, size positions carefully, and do your own research.