{
  "meta": {
    "generated_at": "2026-10-03T07:23:35.131646Z",
    "source": "CoinGecko /companies/public_treasury/bitcoin"
  },
  "total_btc": 1298213,
  "total_value_usd": 109801869057.74557,
  "market_cap_dominance": 6.18,
  "company_count": 180,
  "total_btc_30d_ago": 1290276,
  "total_btc_90d_ago": 1283471,
  "top": [
    {
      "name": "Strategy",
      "symbol": "MSTR.US",
      "btc": 847665
    },
    {
      "name": "Twenty One Capital",
      "symbol": "XXI.US",
      "btc": 43514
    },
    {
      "name": "Metaplanet",
      "symbol": "3350.T",
      "btc": 43000
    },
    {
      "name": "MARA Holdings",
      "symbol": "MARA.US",
      "btc": 35303
    },
    {
      "name": "Bitcoin Standard Treasury Company",
      "symbol": "CEPO.US",
      "btc": 30021
    }
  ],
  "mstr_mnav": {
    "available": true,
    "mstr_market_cap_usd": 55971498000,
    "mstr_price_usd": 160.01,
    "mstr_shares_out_m": 349.8,
    "mstr_btc": 847665,
    "mstr_btc_value_usd": 71694861579,
    "mnav_ratio": 0.781,
    "quote_date": "2026-10-02",
    "note": "Observable market-implied ratio of Strategy's equity value to the value of its 847,665 BTC. Derived: market cap (price x 349.8M shares) / BTC value (847,665 BTC x in-engine BTC price). Not investment advice; no valuation judgement implied.",
    "sources": [
      {
        "label": "Yahoo Finance \u2014 MSTR.US equity quote",
        "url": "https://finance.yahoo.com/quote/MSTR"
      },
      {
        "label": "Strategy (MSTR) shares outstanding ~349.8M \u2014 maintained constant, update on new SEC filings",
        "url": "https://www.strategy.com/"
      }
    ]
  },
  "cohort": [
    {
      "name": "MARA Holdings",
      "ticker": "MARA.US",
      "currency": "USD",
      "shares_out_m": 381.3,
      "shares_as_of": "2026-05",
      "shares_source": {
        "label": "MARA Holdings (MARA) shares outstanding ~381.3M (2026) \u2014 maintained constant, update on new SEC filings",
        "url": "https://stockanalysis.com/stocks/mara/statistics/"
      },
      "note": "Operating Bitcoin miner \u2014 equity value reflects its mining business in addition to its BTC holdings.",
      "btc": 35303,
      "btc_value_usd": 2985900914,
      "available": true,
      "price": 11.23,
      "price_currency": "USD",
      "market_cap_usd": 4281999000,
      "mnav_ratio": 1.434,
      "premium_discount": "premium",
      "quote_date": "2026-10-02",
      "quote_source": "Yahoo Finance",
      "sources": [
        {
          "label": "Yahoo Finance \u2014 MARA.US equity quote",
          "url": "https://finance.yahoo.com/quote/MARA"
        },
        {
          "label": "MARA Holdings (MARA) shares outstanding ~381.3M (2026) \u2014 maintained constant, update on new SEC filings",
          "url": "https://stockanalysis.com/stocks/mara/statistics/"
        }
      ],
      "rank": 1
    },
    {
      "name": "Strategy",
      "ticker": "MSTR.US",
      "currency": "USD",
      "shares_out_m": 349.8,
      "shares_as_of": "2026-07",
      "shares_source": {
        "label": "Strategy (MSTR) shares outstanding ~349.8M \u2014 maintained constant, update on new SEC filings",
        "url": "https://www.strategy.com/"
      },
      "note": null,
      "btc": 847665,
      "btc_value_usd": 71694861579,
      "available": true,
      "price": 160.01,
      "price_currency": "USD",
      "market_cap_usd": 55971498000,
      "mnav_ratio": 0.781,
      "premium_discount": "discount",
      "quote_date": "2026-10-02",
      "quote_source": "Yahoo Finance",
      "sources": [
        {
          "label": "Yahoo Finance \u2014 MSTR.US equity quote",
          "url": "https://finance.yahoo.com/quote/MSTR"
        },
        {
          "label": "Strategy (MSTR) shares outstanding ~349.8M \u2014 maintained constant, update on new SEC filings",
          "url": "https://www.strategy.com/"
        }
      ],
      "rank": 2
    },
    {
      "name": "Metaplanet",
      "ticker": "3350.T",
      "currency": "JPY",
      "shares_out_m": 1280.0,
      "shares_as_of": "2026-06-27",
      "shares_source": {
        "label": "Metaplanet (3350.T) shares outstanding ~1.28B (2026-06-27) \u2014 maintained constant; dilutes fast via equity issuance, update frequently",
        "url": "https://stockanalysis.com/quote/tyo/3350/"
      },
      "note": "Tokyo-listed; JPY market cap FX-converted to USD for a comparable ratio.",
      "btc": 43000,
      "btc_value_usd": 3636907325,
      "available": true,
      "price": 291.0,
      "price_currency": "JPY",
      "market_cap_usd": 2346624000,
      "mnav_ratio": 0.645,
      "premium_discount": "discount",
      "quote_date": "2026-10-02",
      "quote_source": "Yahoo Finance",
      "sources": [
        {
          "label": "Yahoo Finance \u2014 3350.T equity quote",
          "url": "https://finance.yahoo.com/quote/3350.T"
        },
        {
          "label": "Metaplanet (3350.T) shares outstanding ~1.28B (2026-06-27) \u2014 maintained constant; dilutes fast via equity issuance, update frequently",
          "url": "https://stockanalysis.com/quote/tyo/3350/"
        },
        {
          "label": "Yahoo Finance \u2014 JPY/USD FX",
          "url": "https://stooq.com/q/?s=jpyusd"
        }
      ],
      "rank": 3
    }
  ],
  "cohort_meta": {
    "as_of": "2026-10-03",
    "available_count": 3,
    "methodology": "mNAV = equity market cap / (BTC held x in-engine BTC price). >1 = premium to BTC NAV, <1 = discount. Observable ratio only, no valuation judgement. BTC counts live from CoinGecko; shares-outstanding maintained sourced constants; non-USD market caps FX-converted to USD."
  },
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      "date": "2026-06-10",
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      "total_btc": 1283471
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      "date": "2026-07-23",
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    {
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    {
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    {
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}