Crypto Holdings

Overview

Market Data

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Track trading volume, net asset value (NAV), financial metrics, and key risk measures for crypto treasury companies. 

Value of crypto asset holdings 

Crypto Treasury Companies: Net Asset Value (NAV)

**mNAV (Outstanding)**: The Company's market cap divided by the value of crypto asset holdings. Often called *Basic mNAV*, it is the most simplistic way to track the multiple the company trades at relative to its crypto assets held. 

This figure can be calculated using either the market capitalization or the Enterprise Value (EV). Some Companies may hold a considerable amount of cash that has not yet been deployed into crypto, which the EV calculation highlights. EV is determined as the market cap, plus debt, less cash, plus preferred equity.

NAV multiple based on outstanding shares

Crypto Treasury Companies: Outstanding mNAV

Note: For companies with pending mergers, any market cap and mNAV metrics may not accurately represent the soon-to-be merged entity. This includes CEP, CEPO, and DYNX.

Equity market data sourced from [Polygon](https://polygon.io/).

Aggregate market cap less the value of crypto assets held

Crypto Treasury Companies: Aggregate Premium to NAV

**mNAV (Outstanding)**: The Company's market cap divided by the value of crypto asset holdings. Often called *Basic mNAV*, it is the most simplistic way to track the multiple the company trades at relative to its crypto assets held. 

This figure can be calculated using either the market capitalization or the Enterprise Value (EV). Some Companies may hold a considerable amount of cash that has not yet been deployed into crypto, which the EV calculation highlights. EV is determined as the market cap, plus debt, less cash, plus preferred equity.

The aggregate mNAV is calculated by grouping treasury companies by the crypto asset accumulated and taking the NAV-weighted average.

Crypto Treasury Companies: Aggregate Outstanding mNAV by Asset

Market cap less the value of crypto assets held

Crypto Treasury Companies: Premium to NAV

Share of total supply held by crypto treasury companies

Crypto Treasury Companies: Share of Crypto Asset Held

Includes in-kind contributions, shows leading period

Crypto Treasury Companies: Purchases by Asset

**mNAV (Fully Diluted)**: The Company's fully diluted market cap divided by the value of crypto asset holdings. In addition to outstanding shares, the fully diluted mNAV also accounts for shares that may be issued via warrants (e.g., pre-funded or stapled), RSUs, stock options, or convertible debt. 

This figure can be calculated using either the market capitalization or the enterprise value. Some Companies may hold a considerable amount of cash that has not yet been deployed into crypto, which the EV calculation highlights. EV is determined as the market cap, plus debt, less cash, plus preferred equity.

NAV multiple based on fully diluted shares

Crypto Treasury Companies: Fully Diluted mNAV

Value of crypto assets summed by the asset held

Crypto Treasury Companies: Net Asset Value (NAV) by Asset

**mNAV (Fully Diluted)**: The Company's fully diluted market cap divided by the value of crypto asset holdings. In addition to outstanding shares, the fully diluted mNAV also accounts for shares that may be issued via warrants (e.g., pre-funded or stapled), RSUs, stock options, or convertible debt. 

This figure can be calculated using either the market capitalization or the enterprise value. Some Companies may hold a considerable amount of cash that has not yet been deployed into crypto, which the EV calculation highlights. EV is determined as the market cap, plus debt, less cash, plus preferred equity.

The aggregate mNAV is calculated by grouping treasury companies by the crypto asset accumulated and taking the NAV-weighted average.

Markets

Sectors

Treasury Companies

Layer 1

Layer 2

Finance

Consumer

DePin

Chain Clusters

ETFS

Treasury Companies: Crypto Holdings

Crypto Treasury Companies: Share of Crypto Asset Held

Crypto Treasury Companies: Purchases by Asset

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