Crypto Treasuries

What are Crypto Treasuries?

Crypto treasuries refer to digital asset holdings, such as Bitcoin, Ethereum, or Solana, held on the balance sheets of corporations, governments, and private institutions. Similar to holding cash or gold, these entities use crypto as a reserve asset or a hedge against inflation.

Why is it important to track corporate and government crypto holdings?

Large-scale institutional adoption is often seen as a signal of market maturity and long-term confidence. Tracking these "whales" helps investors understand market sentiment, potential sell-side pressure (e.g., in the case of government seizures), and the integration of crypto into traditional finance.

Which entities are included in CoinGecko’s crypto treasuries list?

CoinGecko tracks two main types of entities:

• Public Companies: Corporations traded on stock exchanges (e.g., MicroStrategy, BitMin Immersion).
• Governments: National holdings, often acquired through seizures or state mining (e.g., USA, China, El Salvador).

Where does CoinGecko get this data?

CoinGecko sources treasury holdings data from publicly listed companies and governments through official disclosures and regulatory filings. This data is verified and curated by internal CoinGecko staff.

For publicly listed companies, we primarily rely on official press releases and regulatory filings, such as quarterly reports, to obtain crypto holdings data. Press releases by public companies are often accompanied with a regulatory filing (e.g. in the US known as a Form 8-K), which we cross-check against.

Some companies may provide interim updates through social media posts, e.g. via their X account, or through an online dashboard. In these cases, we cross-validate against official press releases or regulatory filings wherever possible. If official verification is unavailable despite a substantial movement in holdings, we may publish the data with clearly cited sources and update it once formal disclosures are released.

We do not accept third-party announcements from news sites or social media unless they are accompanied by verifiable, firsthand information from the company itself.

For government crypto holdings, we rely on official press releases from departments or agencies, as well as reporting from reputable news outlets that cite official spokespeople.We also cross-check these reports across multiple sources to verify the information.

Is this an exhaustive list of all companies holding crypto?

No. While we track the largest known holders, many private companies do not disclose their balance sheets. Additionally, some public companies may hold small amounts of crypto that do not meet the threshold for mandatory reporting.

Can I report a company that is missing from the list?

Yes! We have recently introduced a self-serve form for anyone to submit updates that we may have missed. All submissions are validated by CoinGecko staff using the same criteria as above before being added to our site.

What is mNAV (Market-value Net Asset Value)?

mNAV is a ratio used to assess how much of a company's enterprise value is backed by its crypto holdings.

Calculation:(Market Cap + Total Debt - Cash & Cash Equivalents) / Current Market Value of Crypto Holdings

A lower mNAV suggests that a larger portion of the company’s value is derived directly from its crypto holdings.

What does "Total Cost (USD)" represent?

This is the estimated aggregate amount the entity spent to acquire its crypto holdings. By comparing this to "Today’s Value", users can see if the entity is currently "in the green" (profit) or "in the red" (loss) on their investment.

What is the "Activity in Last 30d" column?

This tracks the net change in an entity's holdings over the past month, allowing you to see which institutions are actively accumulating or selling assets.

What is a Digital Asset Treasury Company (DATCo)?

A DATCo(Digital Asset Treasury Company) is a corporation that holds digital assets directly on its balance sheet as part of its primary corporate treasury. These companies (e.g., Strategy or Metaplanet) treat digital assets as a long-term reserve asset. When you buy shares in a DATCo, you are buying into a company with its own operations that happens to be "backed" by its digital holdings.

How does a Treasury (DATCo) differ from a Digital Asset ETF?

The primary difference lies in ownership and intent:

• Treasury (DATCo): The company owns the assets. Investors buy equity in the company. The company can use its assets as collateral, to generate yield, or to fund operations.
• ETF (Exchange-Traded Fund): The fund holds the assets on behalf of its shareholders. The sole purpose of the fund is to track the price of the asset. The assets cannot be used for corporate operations; they are held in trust.

Why would an institution choose a Treasury holding over an ETF?

Institutions often choose direct treasury holdings for maximum control. A treasury holding allows the entity to self-custody, stake assets for rewards (e.g. Proof-of-Stake assets like ETH or SOL), or use the assets in Decentralized Finance (DeFi) protocols — actions that are typically restricted for regulated ETFs.