Treasuries · Category

Bitcoin Treasury Charts

Three interactive Bitcoin treasury charts covering the corporate and government Bitcoin holdings stack. The daily Strategy (MSTR) mNAV, the Strategy (MicroStrategy) cumulative BTC accumulation curve since August 2020, and the top-25 corporate and government BTC treasury leaderboard. The treasury layer is the slower-moving institutional-demand signal that complements the daily ETF flow data: a permanent-removal-from-circulating-supply signal at multi-year horizons. AU-investor framing throughout: how each treasury read transmits to AUD-denominated portfolio decisions and SMSF allocation context.

Last updated: 27 September 2026 By Govind Satoshi

Treasury charts

Strategy (MSTR) mNAV Chart

Daily since 2020 · SEC-filing based · 1.0x reference line

Strategy's market cap divided by the dollar value of its Bitcoin, rebuilt for every trading day since the treasury strategy began. Above 1.0x the stock trades at a premium to its Bitcoin and the share-issuance flywheel adds BTC per share; below 1.0x it trades at a discount and the loop runs in reverse. Holdings from 8-K filings, shares from 10-Q and 10-K covers.

Daily mNAV line + BTC per share, market cap and BTC NAV stats.

Strategy (MSTR) BTC Accumulation Curve

2020+ · 60+ acquisitions · ATM + convert flywheel

Cumulative Strategy / MicroStrategy BTC holdings across every filed acquisition since August 2020. The textbook example of a public company using debt + equity markets (convertible notes + ATM equity issuance) to accumulate Bitcoin at scale. From 0 BTC in August 2020 to 848,000 BTC as of 4 October 2026, financed by convertible notes, preferred stock and ATM equity issuance.

Cumulative holdings + per-acquisition markers + cost-basis overlay.

Top Corporate BTC Treasuries Leaderboard

25 entities · Public + private + government

Ranked table of the largest publicly-disclosed Bitcoin holders across public companies, private companies, and governments (US Marshals, El Salvador, Bhutan, plus US state strategic-reserve programs). Strategy leads with 848,000 BTC. US government in the top 5 with ~207K BTC seized-asset holdings. Tracks the MSTR copy-cat wave (Twenty One Capital, Metaplanet, Bitcoin Standard Treasury Co., Strive) and the miner-HODL accumulation, with listed-company holdings refreshed daily.

Ranked leaderboard + category tags + share-of-supply column. Spot ETFs excluded.

Why treasury data matters for cycle analysis

Three reasons treasury holdings deserve a dedicated cycle indicator:

  • Permanent supply removal. Corporate treasuries acquired explicitly as long-term holdings rarely sell. Strategy bought for nearly six years before its first small sales under the BTC Monetization Program in mid-2026, a few thousand BTC against a stack of more than 840,000; MARA, Riot, and most other MSTR copy-cats follow the same accumulate-and-hold playbook. Once BTC enters a treasury wallet it effectively leaves circulating supply.
  • Demand stickiness vs ETF flows. ETF flows can reverse in a single risk-off day (largest single-day outflow: $1.1B in March 2025). Treasury accumulation never reverses on that timescale. The combined picture - daily ETF flows for tactical signal, treasury holdings for structural signal - is the institutional-demand stack.
  • Cycle-late signalling. Treasury accumulation accelerates late in each cycle as corporate boards FOMO into the asset class. The Strategy-led wave started August 2020 (mid-cycle); the second wave began Q1 2024 after the spot-ETF approval; the third wave is forming now (Q1-Q2 2026) with the US state strategic-reserve legislation. Watching the leaderboard for new entrants is a high-conviction late-cycle signal.

The AU-investor framework

Treasury data is most useful to Australian-resident investors in three contexts:

  1. Long-horizon allocation conviction. If you're considering a multi-year BTC allocation through CoinSpot / Independent Reserve / Swyftx or the ASX-quoted spot Bitcoin ETFs (VBTC, QBTC, BTXX and the iShares IBIT feeder), the treasury data provides the structural-demand confirmation. The tracked treasuries holding about 1.66 million BTC (roughly 8.3 percent of mined supply) with multi-decade time horizons means new buyers compete for a thinner free float.
  2. SMSF allocation context. SMSF trustees considering BTC as a retirement allocation can point to the corporate treasury precedent. If MSTR holds BTC on balance sheet with 10-30 year time horizons, the asset class has institutional acceptance for retirement-purpose holding. The Best SMSF crypto exchange guide covers the practicalities.
  3. MSTR equity exposure. AU-resident investors can hold Strategy (MSTR) directly via overseas-share-trading platforms (CMC Invest, Stake, Interactive Brokers). MSTR's premium to BTC NAV has ranged from deep discounts in 2022 to about 3.4x in November 2024, and the ATM flywheel only adds BTC per share while the premium holds. The MSTR mNAV chart tracks it daily and the MSTR / BTC ratio chart covers the leveraged exposure dynamics.