Icarus — Bitcoin Treasury Analytics Dashboard
Icarus is a free Bitcoin treasury analytics platform tracking 39 public companies
that hold Bitcoin on their balance sheet. Monitor real-time mNAV (market cap to Bitcoin net
asset value), BTC Yield, cost basis, and capital structure data sourced from SEC EDGAR filings,
Yahoo Finance, and company press releases.
Tracked Companies — 1,021,080 BTC Total
| Company | BTC Holdings |
|---|
| Strategy (MSTR) | 720,737 BTC |
| MARA (MARA) | 53,822 BTC |
| Galaxy Digital (GLXY) | 51,899 BTC |
| Twenty One Capital (XXI) | 43,514 BTC |
| Metaplanet (3350) | 35,102 BTC |
| Riot (RIOT) | 18,005 BTC |
| Strive (ASST) | 13,132 BTC |
| CleanSpark (CLSK) | 13,099 BTC |
| Trump Media (DJT) | 11,542 BTC |
| Hut 8 (HUT) | 10,278 BTC |
| Nakamoto (NAKA) | 5,767 BTC |
| American Bitcoin (ABTC) | 5,401 BTC |
| Empress Royalty (EMPD) | 4,081 BTC |
| Bitybank (OBTC3.SA) | 3,720 BTC |
| Capital B (ALCPB) | 2,834 BTC |
| Smarter Web (SWC) | 2,692 BTC |
| DDC (DDC) | 2,183 BTC |
| Sequans (SQNS) | 2,139 BTC |
| Core Scientific (CORZ) | 2,116 BTC |
| BTC Inc. (BTCT.V) | 2,025 BTC |
| Bitfarms (BITF) | 1,827 BTC |
| Exodus (EXOD) | 1,788 BTC |
| BitFuFu (FUFU) | 1,780 BTC |
| Canaan (CAN) | 1,750 BTC |
| Fold (FLD) | 1,575 BTC |
| Cipher Mining (CIFR) | 1,433 BTC |
| KULR (KULR) | 1,057 BTC |
| H100 Group (H100.ST) | 1,051 BTC |
| Zooz Power (ZOOZ) | 1,047 BTC |
| Next Technology (NXTT) | 863 BTC |
| Satsuma Technology (SATS.L) | 646 BTC |
| Meliuz (CASH3.SA) | 605 BTC |
| DigitalX (DCC.AX) | 504 BTC |
| HIVE Digital (HIVE) | 481 BTC |
| LQWD Technologies (LQWD.V) | 252 BTC |
| Vanadi Coffee (VANA.MC) | 183 BTC |
| London BTC (BTC.L) | 86 BTC |
| Cango (CANG) | 63 BTC |
| Bitdeer (BTDR) | N/A BTC |
Key Metrics
- mNAV — Market cap divided by Bitcoin net asset value. Shows premium or discount investors assign to the treasury.
- BTC Yield — Period-over-period change in Bitcoin per share. Measures how effectively a company is growing BTC exposure per equity unit.
- CEB (Cost of Equity in Bitcoin) — The BTC-denominated cost of dilution from capital raises, convertible notes, and preferred stock.
- Bitcoin per Share — Total BTC holdings divided by fully diluted share count. The core metric for shareholder BTC exposure.
Data is updated daily from SEC 8-K filings, company websites, and market data providers.
View our methodology for calculation details.