Both sit in a brokerage account and both move with bitcoin. What a share holds is different, and the difference shows in one number: bitcoin per share, and how it changes over time.

An ETF share: a claim on a pool

A spot bitcoin ETF holds bitcoin with a custodian and issues or redeems shares as money comes in or out, so each share keeps roughly the same bitcoin. IBIT: 0.000567 BTC per share (813,040 BTC held, 2026-10-27). Grayscale Bitcoin Mini Trust ETF: 0.000442 BTC per share. The only steady change is the yearly fee, paid in bitcoin, which lowers bitcoin per share by that fee each year. The issuer publishes the holding daily. There is no debt, no business, no vote on strategy.

A treasury company share: a claim on a company

A treasury company owns bitcoin, and also has debts, preferred stock, staff, sometimes an operating business. Strategy: 0.00221 BTC per share (848,000 BTC as of 2026-10-04). Strive: 0.000328 BTC per share. Bitcoin per share here moves at the company's choice: it rises when the company buys bitcoin with money raised above the value of its existing bitcoin per share, falls when it issues shares below it or sells bitcoin, and is reported at filings, not daily.

The market price is a separate question

An ETF's share price tracks its bitcoin closely because large traders can create and redeem shares. A treasury company's share price is set by the market alone and can sit well above or below the value of its bitcoin — that gap is what mNAV measures. Neither gap is a verdict; it is a measurement with a date.

Strive is a company, not an ETF

Searches for a “Strive bitcoin ETF” land on a company: Strive, Inc. (ASST) is a bitcoin treasury company, and its bitcoin per share and filings are on its page. It runs no listed spot bitcoin ETF.

Where to read both

/etfs prints each fund's bitcoin held and shares outstanding from the issuer's own file, dated; /companies prints the same for every listed holder from its filings. Information, not financial advice.